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@kfm Mon, 27 May 2024 19:10:07

 MPs urged to ensure new taxes don’t affect businesses

Civil Society Organizations on Economic Monitoring have implored Members of Parliament to ensure that the new tax proposals before their committees do not affect business and ordinary citizens as they look into the Ministerial Policy Statements. 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 Shs1550 being proposed per litre, Gas oil (automotive, light, amber for high speed engine) […]

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