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Citizen Posts
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Ahead of the new financial year on 1st July and the National Budget reading set for mid next month, government has brought forth several tax bills which will trigger business development in the country.
Until today, every registered Business (company) is supposed to have a Tax Identification Number (TIN) from URA and whether the said business is earning profits, revenue or not. It’s supposed to file returns from PAYE to Income Tax every financial year and this starts immediately when the company gets a TIN.
Many start ups have always failed to sustain business even for just two years of the stringent tax policies in the country where some are even subjected to compliance decisions for not filing returns of their business.
It seems government has heard the cries of citizens who have been appealing for revision of such tax policies in the country. In the new tax bill before parliament ahead of the new financial year. Start ups that start business with capital not exceeding Shs500m will now be exempted from paying annual income taxes.
However, the relief will only to business started by Ugandan citizens who start such businesses after July 1st 2025 not those already in existence. Government has been offering such incentives to manufacturers and foreign investors who are given free land by government and even tax holidays above 10 years.
Under the Income Tax (Amendment) (No.2) Bill, 2025, citizens who start registered businesses not exceeding Shs500m will get a 3-year income tax holiday. #PlenaryUg pic.twitter.com/Dm2DGReC4Q
— Parliament of Uganda (@Parliament_Ug) May 14, 2025
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