The Parliamentary committee on Finance, Planning and Economic Development has recommended the passing of Investment code bill of 2017 to streamline the functioning of Uganda Investment Authority (UIA).
If the Bill is passed into an Act, it will modernize and replace the Investment Code Act Chapter 92 of the Laws of Uganda and inter alia to make it conform to the Constitution.
The bill vests much power to the Mister of Finance who oversees all activities that are carried out by the authority.
The Bill gives the minister power to among others expel any board member who will miss three consecutive meetings without notice.
The members of the committee led by Rubanda East legislator Henry Musasizi, noted that the Bill will redefine the functions of the Authority, modifying the composition of the Board, providing for the registration of investors and issuing of the investment certificates investors.
“The Bill will incorporate provisions relating to finance, accounting and auditing, to providing for the submission of annual reports by the Authority and other related matters.” the report reads in part.
According to legislators, the Bill defines a domestic investor as a citizen of the East African community Partner State and they will be able to benefit from government incentives there are availed to local investors.
Due to mass rooming fake investor in the country, the Bill prescribes US$ 50,000 (Shs180 million) as the minimum capital requirements for investors to be granted an investment licensee and this will require the minister to come to Parliament every time this amount has to be revised depending on the circumstances.
Currently Uganda investment authority is supervised by the State Minister for Investment Evelyn Anite.