Oil pushes Uganda Tax law amendment

Friday August 26, 2011

The Uganda income tax law is to be amended to enable the Uganda Revenue Authority (URA) prepare for the commercial production of oil.

David Baliraine, the senior manager, at Ernst and Young says new developments brought on by the discovery of commercially viable quantities of oil are not catered for in the present income tax act, leading to the changes.

"There are a number of amendments that have been made which were not pronounced during the budget speech for the oil and gas sector," he says. The amendments will close the loopholes that exist in the current income tax act for taxation of multinational firms operating in the country.

The New Vision Newspaper