Bill_ID

368

Short Name

The Income Tax (Amendment) Bill, 2021

Sponsor Name

Hon. Matia Kasaija

Type Name

Government

First Reading

2021-04-01

Overview

<p>The object of this Bill is to amend the Income Tax Act, Cap. 340 to redefine beneficial owner; to revise the tax rate applicable to individuals and companies for purposes of rental income; to provide for a formular for deductible expenses on rental income; to provide for incentives to manufacturers; to define the date for submitting applications for tax refund; to provide for the due date of the payment of income tax; to discontinue the concurrent deduction of initial allowance and deductions on depreciation of assets.</p>