Uganda will not introduce any new tax or increase existing fees during the 2023-2024 financial year, The Monitor newspaper reported.
The government will also not impose any tax cuts during the same period, as it is expected to focus on implementing reforms and enhancing efficiency in the public sector.
According to Treasury Secretary Ramathan Ggoobi, the government will expand the taxpayers’ base rather than introduce new taxes.
“We will be expanding the tax base by enrolling more taxpayers and expanding things to be included in the tax system,” the official said.
According to estimates, the government loses 2.1% of revenue due to tax incentives and exemptions, given that the nation’s gross domestic product (GDP) ratio remains one of the lowest in East and sub-Saharan Africa.
Ggoobi said the government has introduced mechanisms to reach a tax-to-GDP ratio of 20%, which is higher than the current rate of less than 12%.
(Editing by Cleofe Maceda; [email protected])
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Publish date : 2022-12-30 05:36:34