By URN
The Uganda Revenue Authority-URA has said that 2.88 trillion Shillings in form of tax exemptions will be lost in the current financial year 2022/2023.
John Rujoki, the URA Commissioner General revealed this on Tuesday to Parliament’s Finance Committee while presenting the tax body’s budget estimates for the next financial year 2023/2024.
Documents before the Finance Committee indicate Agro-processing, charitable organizations, commerce and industry, farming association, SACCOs, tourism associations, trade unions, exporters of 80 percent of products, education public character, and others as some of the categories are benefiting from tax exemptions.
On the other hand, some of the taxpayers that have in the past been recommended for tax waivers by the government are Brookside Limited, St. Mary’s Hospital Lacor, UGACOF Limited, FINASI-ISHU Construction SPV Limited, Kuka (U) Limited, Uganda Broadcasting Corporation, Kams Contractor and others.
According to the government tax expenditure report released in October 2021, a total of 5 trillion in taxable revenue was forgone for exemptions and other incentives.
