Inside Bills that M7 approved


Inside Bills that M7 approved

1. The Income Tax Amendment Act of 2023 has been signed in Uganda, introducing taxation for companies reporting losses for up to 7 years. Although the government proposed a 5-year limit, the Opposition objected, citing concerns about accounting principles and the inefficiency of tax audits by URA.

2. The Foreign Exchange Amendment Act of 2023 raises the minimum paid-up share capital for money remittance and foreign exchange businesses in Uganda. The share capital requirements have been increased to 10,000 currency points (Shs200 Million) and Shs50 Million respectively. Forex bureaus below these thresholds have six months to raise the required funds.

3. President Museveni has approved nine bills, including those that enable the implementation of Islamic Banking in Uganda. The bills encompass changes to various financial aspects, such as stamp duty, value-added tax, excise duty, financial institutions, tax procedures, and income tax.

4. Social media companies like X (formerly Twitter), Facebook, Netflix, Amazon, etc., will be subject to a 5% withholding tax on their gross revenue in Uganda, as per the Income Tax Amendment Act of 2023. Initially, Parliament postponed the tax pending a study on its impact, but it was eventually approved after the President's refusal to sign the bill into law.

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