MPs urged to ensure new taxes do not affect businesses.

Civil Society Organizations that promote economic monitoring have implored Members of Parliament to ensure that the new tax proposals before their committees do not affect business and the ordinary citizen as they scrutnise the Ministerial Policy Statements. The Government through the Ministry of Finance has already tabled before Parliament some of the new tax proposals within the Income Tax Amendment Bill 2024 including a 5% withholding tax on gains earned from the sale of land in cities; municipalities, sale of rental property; sale of shares in a private company among others. Government also proposes to impose tax on fuel products like; Motor spirit (gasoline) with a rate of Shs1,550 being proposed per litre, Gas oil (automotive, light, amber for high […]