Government seeking Shs21.725T for 2020/2021 National budget
Government is seeking to collect revenue to a tune of Shs21.725Trn to finance the 2020/2021 national budget and has proposed a number of new tax measures that will see a number of Ugandans dig deeper into their pockets amidst the Coronovirus pandemic.
Appearing before Parliament’s Finance Committee, the Minister of Finance, Planning and Economic Development- Matia Kasaija told Parliament that in the next financial year, Government intends to generate Shs21.725Trn compared to Shs18.899Trn that was projected in 2019/2020.
The Minister told the Committee that the tax Policy measures if implemented successfully would generate Shs667Bn, while Uganda Revenue Authority revenue tax administration measures would raise Shs579Bn.
Among the items proposed to witness tax increment include beer produced from barley and malted in Uganda would witness 30% or Shs1,115 per liter and this would raise Shs20Bn, while a 20% tax has been slapped on drink spirits equivalent to Shs2,300 per liter which would generate Shs13Million.
Non alcoholic beverages (soda) not including fruit or vegetable juices will receive 12% tax increment or Shs250 per liter with Shs18Bn expected from this item.