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Ugandan Parliament passes Income Tax Amendment Bill

Ugandan Parliament passes Income Tax Amendment Bill

by akankwasaalphonse8@gmail.com
 
 December 15, 2021
Ugandan Parliament passes Income Tax Amendment Bill

The Ugandan Parliament yesterday Tuesday 14th December passed the Income Tax (Amendment) (No. 2) Bill, 2021.

The bill provides for windfall tax and limitations of deductions on petroleum operations.

Presented by Minister of State for Finance (General Duties), Henry Musasizi, the bill was passed during plenary sitting that was chaired by Deputy Speaker, Anita Among.

“I beg to report that the committee of the whole House has considered the bill and passed it without amendments,” presented Musasizi.

Keefa Kiwanuka, the Chairperson of the Committee on Finance, said that the bill did not require any amendments.

“The committee has considered the bill and we found it straightforward. We recommend that it is approved as presented by the Executive,” said Kiwanuka.

”All provisions of the bill are a result of the signed agreement where the country committed itself.” Said the shadow finance minister, Muwanga Kivumbi.

He added on that they have little room for additions or subtractions and it enjoys our full backing.

According to the bill, the Income Tax Act is not specific on the cost recovery limit which a license can recover from petroleum operations in a given year.

Therefore, the bill seeks to cap the allowable deduction per year to the cost recovery limit stipulated in the Production Sharing Agreements.

“The current law does not cater for volatility in oil prices. There is, therefore, need for a windfall tax in the event that the international oil price equals US$ 75 per barrel or more on any day of the year of income,” reads the bill.

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