Uganda Parliament Posts Bill to Amend Income Tax Provisions

The Ugandan Parliament March 30 posted Bill No. 5, to amend various income tax provisions. The bill includes measures that would: 1) amend provisions on business and employment income, tax exemptions, depreciable assets, loss carryforwards, and rollover relief; 2) expand exceptions to the provision for limiting interest deductions to include micro-finance deposit taking institutions and tier 4 micro-finance institutions; 3) repeal the determination of capital gains or losses on the disposal of assets in specific cases; 4) establish a 5 percent tax rate for nonresident taxpayers providing digital services; and 5) establish a withholding tax on profits paid or credited ...