The Minister of State for Finance, Henry Musasizi, has asked Parliament to waive off taxes to the tune of Shs13.313 billion owed by several individuals in the country.
Musasizi said the decision to waive off tax is in accordance with Section 40(2) of the Tax Liabilities Act. The waive-off tax comes at a time when the Uganda Revenue Authority (URA) has a deficit of over Shs1 trillion in terms of revenue collection, three months before the close of the financial year.
The beneficiaries include Nkumba University, Makerere Business Institute, and businessmen Peter Lokwang and Donati Kananura, among others.
Appearing before the Finance Committee, the MPs on the Finance Committee wondered how the list of beneficiaries increased from three to seven, contrary to an earlier list tabled before Parliament.
The list includes: income tax liability amounting to Shs239,306,340 owed by Makerere Business Institute; pay-as-you-earn (PAYE) liability amounting to Shs4,479,421,1902 owed by Nkumba University; and value-added tax (VAT) liability amounting to Shs2,718,116,5923 owed by J2E Investment Corporation.
Others are VAT and Rental Income Tax amounting to Shs2,080,641,683 and Shs1,695,713,952, respectively, owed by Donati Kananura; Value Added Tax Liability amounting to Shs931,935,420 owed by Nicontra Limited; Holding Tax amounting to Shs385,145,772 owed by Peter Lokwang; and Pay as You Earn Tax amounting to Shs783,180,494 owed by Busoga University.
