Tax Update

The Budget theme for the FY 2012/2013 was “Priorities for Renewed Economic Growth and Development”. This shows the Government’s intention to ensure macroeconomic stability with enhanced sectoral spending to facilitate economic growth and development. The total resource envelope for the FY 2012/13 is estimated at a tune of Shs 11,157 Billion and it is expected that 75% of this is to be domestically mobilized (including tax collections and domestic borrowing). It is on the basis of this background that the Minister of Finance proposed a number of tax measures aimed at increasing revenue generation and reforming the tax laws. Click here to read tax changes the changes to the PAYE bands.

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