The recent proposition to increase taxes on petroleum products seems to bring little relief to consumers, who are already anticipating a surge in fuel prices.
The government's proposal includes raising taxes on various petroleum items such as petrol, diesel, and kerosene. Should this proposal pass, taxes per litre of petrol would rise from Shs1,450 to Shs1,550, while diesel would see an increase from Shs1,130 to Shs1,230 per litre.
Similarly, the tax on kerosene would elevate to Shs500 per litre from Shs200. This adjustment is part of the Excise Duty Amendment Bill, 2024, presented to Parliament by Minister of State for Finance, Henry Musasizi.
Additionally, the government aims to implement a 5-percent withholding tax on profits from land sales in urban areas, rental property transactions, and shares of private companies under the Income Tax Amendment Bill, 2024.
Taxpayers would be required to remit the tax to URA within 15 days of asset disposal, or face penalties for non-compliance. Despite previous resistance from Members of Parliament, the government persists in its efforts to levy taxes on land transactions.
Conversely, the Ministry of Finance suggests exemptions for the supply and production of electric cars and the assembly of electric vehicle charging equipment within Uganda. Furthermore, tax waivers are proposed for specific products, including ethanol-utilizing cooking stoves, agricultural tools, fertilizers, pesticides, and seedlings, with a deadline set for June 30, 2028.
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