Stamp duty amendment bill 2019 passed

Parliament has passed the stamp duty amendment bill 2019. The tax will provide a uniform duty payable on bank guarantees, insurance performance bonds and reduce capital threshold for developers and operators.

According to the State Minister for Economic Planning David Bahati and the Finance Committee Chairperson Henry Musasizi, the tax will reduce the minimum Investment requirement for investors to benefit from the tax incentives.

The Tuesday Parliamentary sitting started with the Deputy Speaker Jacob Oulanyah informing legislators that the Speaker of Parliament Rebecca Alitwala Kadaga has returned to office after a one-month illness and soon will start chairing Parliamentary sessions.

Immediately after the State minister for Economic Planning David Bahati made the second reading of the bill that he says will help in providing a uniform duty payable on bank guarantees, insurance performance bonds and reduce capital threshold for developers and operators.

Bahati together with the finance Committee chairperson says the new tax bill will also see a reduction in the minimum Investment requirement for investors to benefit from the tax incentives.

The tax bill will also see an introduction of a charge on anybody carrying out land transactions.

Though the bill was passed legislators were divided on the new tax bill with some in support and others against the bill.