Parliament of Uganda is expected this morning to debate and pass the five tax bills that will introduce the new taxes in the financial year 2024-2025.
The bills including the exercise duty Amendment bill, Tax procedures Code, Stamp duty amendment bill,valve added tax and income tax Amendment bill ,were never debated on Friday after MPs discovered that they lucked the required certificate of financial implication.
The financial certificate indicates the cost of implementation and Government has to present a tax policy that indicates the general impact of the taxes on the economy.
The Ministry of Finance introduced new taxes on fuel, building materials such as Cement, adhesive, grout,lime and bottled mineral water. Other taxes will be charged on the sale of land in cities and municipalities and sale of rental property among others.
The ministry of finance is seeking to impose 500 shillings on a 50 kilo bag of Cement, adhesive, grout and white Cement or lime which is likely to push the prices high, yet the price of Cement has already risen from 32000 shillings to between 36000 and 37000 in the last few months depending on the brand.
The Ministry of Finance is expected to to raise 1.9 trillion shillings through the new taxes if approved by parliament.
