Speaker of Parliament Anita Among on Wednesday revealed that Museveni assented to the Stamp duty (Amendment) Act, 2022, the Income Tax (Amendment) Act, 2022, the Value Added Tax (Amendment) Act, 2022 and the Tax Procedures Code (Amendment) Act, 2022.
President Yoweri Museveni has assented to eight bills that were recently passed by Parliament.
Speaker of Parliament Anita Among on Wednesday revealed that Museveni assented to the Stamp duty (Amendment) Act, 2022, the Income Tax (Amendment) Act, 2022, the Value Added Tax (Amendment) Act, 2022 and the Tax Procedures Code (Amendment) Act, 2022.
He also assented to the Tax Appeals Tribunal (Amendment) Act, 2022, the Electricity (Amendment) Act, 2022, the Appropriation Act,2022 and the Landlord and Tenant Act,2022.
“Fellow countrymen and women, I am pleased to inform you all that His Excellency has assented to seven laws that were passed by Parliament,” Ms Among said in a Tweet.
She added: “I thank His Excellency for the quick action and congratulate all Honourable Members of Parliament for their input in the legislation.”
In the Income Tax (Amendment), Bill, 2022, any person selling land, house or any piece of property or equipment purchased exclusively or primarily for business use will be required to pay tax if Parliament approves the proposed tax measures.
For the Excise Duty (Amendment) Bill, 2022, there is a proposal to increase taxes in un-denatured spirits of alcoholic strength of locally produced raw materials from 60 per cent to 80 per cent and for imported spirits, increasing taxes from 80 per cent to 100 per cent.
In the Tax Procedures Code (Amendment) Bill, 2022, one of the proposals is that the commissioner shall pay to a person who provides information leading to identification of unassessed tax or duty one per cent of the tax or duty assessed or Shs15 million, whichever is less or provides information leading to recovery of unassessed tax or duty five percent of the tax or duty recovered or Shs100 million, whichever is less.
In addition, there is a proposal for the temporary closure of businesses until compliance with the requirements of electronic receipt and invoicing or tax stamps.
Under the Value Added Tax (Amendment) Bill, 2022, cotton seed will be subject to Value Added Tax (VAT) at the standard rate of 18 per cent while menstrual cups will be elevated to the preferential zero rated status.
For the Excise Duty (Amendment) Bill, 2022, there is a proposal to increase taxes in un-denatured spirits of alcoholic strength of locally produced raw materials from 60 per cent to 80 per cent and for imported spirits, increasing taxes from 80 per cent to 100 per cent.
The Landlord and Tenants Law also demands that all tenants meet their rental obligations within 30 days or be evicted.
The Landlord and Tenants Act, 2021, also empowers landlords to access the tenant’s premise and take their property as a means of recovering the accumulated rent arrears.
Parliament also passed the Electricity Amendment Bill, 2022, which among others, permits generation and transmission licensees to supply electricity in bulk directly to categories of customers specified by the minister.
Clause 14(3) of the Act states: “The authority may, by regulations, prescribe the circumstances under which a holder of a generation licence may supply electricity in bulk to a holder of a distribution licence, transmission licence or directly to a specified class or category of customers.”
“The authority may, by regulations, prescribe the circumstances under which a holder of a generation licence may supply electricity in bulk to a holder of a distribution licence, transmission licence or directly to a specified class or category of customers.”
CLAUSE 14(3) OF THE ELECTRICITY AMENDMENT BILL, 2022
Museveni recently said the Electricity (Amendment) Act, 2022 will spur economic growth through industrialization.
In his state of the Nation Address on Wednesday, President Museveni saluted the 11th Parliament for passing a record 23 bills in the first session [year] with emphasis on the East African Crude Oil Pipeline (EACOP) (Special Provisions) Bill, 2021 and the Electricity (Amendment) Bill, 2022 that among others, allows industrial parks to tap power directly from transmission, bypassing Umeme, the private entity licenced to distribute and supply electrify.
“The bulk of the 11th Parliament have been acting positively. I congratulate everybody, especially the Speaker and Deputy Speaker,” Museveni said.
In his address amid rising fuel and commodity prices, Museveni said government will be clutching on commercial agriculture, import substitution through manufacturing and security as an enabler of socio-economic activities.
“…[we’ve dealt with the] locusts, the rising water on the lakes, the floating islands, the landslides, the terrorist bombs, the COVID-19 and now the rising commodity prices artificially created by the war in Ukraine,” he said.
Already, he said, Uganda has hit the Gross Domestic Product (GDP) per capita of US$1056, which qualifies the country as a lower middle income country.
“The GDP per capita is US$1056; the entry point for the lower middle income status is US$1036….we have now passed that figure; our economy expanded inspite of the COVID-19 lockdown,” he said.
Recommended for you
