{"id":53156,"date":"2023-07-25T10:42:51","date_gmt":"2023-07-25T10:42:51","guid":{"rendered":"https:\/\/www.africa-press.net\/uganda\/all-news\/scrapped-tax-exemptions-to-support-govt-realise-shs417b"},"modified":"2023-07-25T11:52:54","modified_gmt":"2023-07-25T11:52:54","slug":"scrapped-tax-exemptions-to-support-govt-realise-shs417b","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/uganda\/all-news\/scrapped-tax-exemptions-to-support-govt-realise-shs417b","title":{"rendered":"Scrapped tax exemptions to support govt realise Shs417b"},"content":{"rendered":"

Africa-Press – Uganda. <\/strong><\/span>The International Monetary Fund (IMF) has indicated that continued repealing of tax exemptions will help government realise at least Shs417b in previously foregone tax revenues this financial year.<\/p>\n

In details contained in the June Uganda Forth Review, the IMF noted that government had initiated a number of tax administration and exemption rationalisation measures through which it will seek to \u201cpartially offset the tax revenue underperformance in the 2022\/23 financial year,\u201d<\/p>\n

The repealed exemptions focus on income and value added tax, which among others seek to cap indefinite carry forward of tax losses, introduce a standard rate on the supply of diapers, expand the definition of electronic services, and limit value added tax exemption on inputs into iron ore smelting to only billets, leather products made in Uganda and their production inputs.<\/p>\n

The measures, and many others, the IMF indicated will help government release at least Shs310b from previously foregone income tax revenue and Shs107b from value added tax, which will enhance the tax to gross domestic product ratio by at least 0.2 percent, which is an increase from the 0.1 percent realised during the 2022\/23 financial year.<\/p>\n

However, the Shs417b is lower than the Shs2.8 trillion Uganda Revenue Authority in January said is lost due to tax exemptions, credits and deferrals.<\/p>\n

Therefore, the IMF said the \u201ctax exemption rationalisation plan remains a key component of the revenue mobilisation effort\u201d that will also ensure that debt levels remain sustainable.<\/p>\n

Government, under the domestic revenue mobiliation strategy has identified a number of administrative and tax policy measures, which are expected to help increase the 2023\/24 tax to GDP ratio by 0.6 percent.<\/p>\n

In the 2022\/23 financial year, government indicated it had identified more areas in the income and value added tax regimes where exemptions would be repealed to increase tax revenue.<\/p>\n

Government has already implemented an 18 percent tax on all diapers, a 5 percent tax on non-resident digital service companies and restricted carrying forward of tax losses, among others.<\/p>\n

In its January review, the IMF had noted that repealing such exemptions would help government to increase Uganda\u2019s revenue base as well as ensure that the country\u2019s debt-to-gross domestic product ratio is reduced.<\/p>\n

\u201cMinistry of Finance should identify areas for repealing tax exemptions, outline intended yields, and establish a clear timeline for implementation,\u201d the IMF said, noting that reduction in exemptions will support implementation of the domestic revenue mobilisation strategy through which government wants to increase tax revenue by closing tax leakages and bringing more people into the taxable fold.<\/p>\n

For More News And Analysis About Uganda<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Uganda. The International Monetary Fund (IMF) has indicated that continued repealing of tax exemptions will help government realise at least Shs417b in previously foregone tax revenues this financial year. In details contained in the June Uganda Forth Review, the IMF noted that government had initiated a number of tax administration and exemption rationalisation […]<\/p>\n","protected":false},"author":84,"featured_media":53155,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,240,234],"class_list":["post-53156","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-uganda","tag-uganda"],"yoast_head":"\nScrapped tax exemptions to support govt realise Shs417b - Uganda<\/title>\n<meta name=\"description\" content=\"The International Monetary Fund (IMF) has indicated that continued repealing of tax exemptions will help government real ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/uganda\/all-news\/scrapped-tax-exemptions-to-support-govt-realise-shs417b\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Scrapped tax exemptions to support govt realise Shs417b\" \/>\n<meta property=\"og:description\" content=\"The International Monetary Fund (IMF) has indicated that continued repealing of tax exemptions will help government real ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/uganda\/all-news\/scrapped-tax-exemptions-to-support-govt-realise-shs417b\" \/>\n<meta property=\"og:site_name\" content=\"Uganda\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-25T10:42:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-25T11:52:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2023\/07\/sm_1690269707.726917.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/scrapped-tax-exemptions-to-support-govt-realise-shs417b#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/scrapped-tax-exemptions-to-support-govt-realise-shs417b\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Scrapped tax exemptions to support govt realise Shs417b\",\"datePublished\":\"2023-07-25T10:42:51+00:00\",\"dateModified\":\"2023-07-25T11:52:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/scrapped-tax-exemptions-to-support-govt-realise-shs417b\"},\"wordCount\":436,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/scrapped-tax-exemptions-to-support-govt-realise-shs417b#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2023\/07\/sm_1690269707.726917.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Uganda\",\"uganda\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/uganda\/all-news\/scrapped-tax-exemptions-to-support-govt-realise-shs417b#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/scrapped-tax-exemptions-to-support-govt-realise-shs417b\",\"url\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/scrapped-tax-exemptions-to-support-govt-realise-shs417b\",\"name\":\"Scrapped tax exemptions to support govt realise Shs417b - 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