June 12, 2014

Taxes on Sugar, Fuel In 2014/15 Budget, Full Speech

Finance Minister Maria Kiwanuka
Finance Minister Maria Kiwanuka

Finance minister Maria Kiwanuka today unveiled a 15 trillion Uganda Shillings Budget for the financial year 2014/15, up from 13 trillion in the 2013/14 financial year.

Domestic revenues including taxes and borrowing will finance over 80 percent of the budget, of which most has been allocated to roads and energy infrastructure. To meet this increasing government expenditure, Kiwanuka proposed new tax measures on mobile money withdrawals, sports betting, petrol and diesel.
 
Sugar prices have been declining for the last one year, which contributed to a reduction in inflation. The increase in excise duty could lead to a rise in the price of sugar. She also proposed capital gains tax on the sale commercial property.
 
 Kiwanuka also brought back the proposal to impose 200 Uganda Shillings on a litre of kerosene. This proposal was in the 2013/14 budget but was rejected by Members of Parliament late last year.
 
On sports betting, Ugandans who win money will be required to part with 15 percent of the money as tax. These measures are expected to raise close to 200 billion Uganda shillings in the next financial year.

Follow this link to read the full budget speech

4 thoughts on “Taxes on Sugar, Fuel In 2014/15 Budget, Full Speech

  1. What will happen to those that loose money on betting, let the government share in the loss too

  2. I like paying taxes but we need to see transparency please. Why can’t government build schools? How can we eradicate poverty, conflict, hunger, poor health, corruption etc when education is neglected? This is long-term investment just like a mother breast feeding. Why can’t politicians see it and ministry of education does little to lobby government for funding. Education education is way of improving because we shall have educated personnel in all department and the country be run well not copied and half cooked ideas.

  3. its not really fair for the winning bettors atleast 5percent is reasonable,and if its 15%, then it should be of the profit made and not the entire win amount because the latter includes the stake amount,which becomes unfair,you are not out there to punish ugandans but improve their lives so make realistic taxes

  4. Budget has been presented parliament is to Pass it but whose Parliament that is where the problem is. It is Final and it bis already passed although it might be true that Salaries of teachers are likely not to be increased

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