Articles from Commercial Transactions
Articles by Department - Commercial Transactions
AMENDMENTS TO UGANDAN TAX LEGISLATION IN 2021
Written: 08 Jul 2021
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INTRODUCTION
The Tax Amendment Bills, 2021 that were assented to by the President on 29th May 2021 came into force on 1st July 2021. The amendments are geared toward improving tax administration, reducing tax leakages, and enhancing revenues collected by the Tax Authority.
The purpose of this Alert, as set out below, is to summarize the key provisions of the amendments and their potential effect on taxpayers.
INCOME TAX
The Income Tax (Amendment) Act, 2021 introduces the following changes to The Income Tax Act (Cap 340).
Also related to these departments: Commercial Transactions
REVISITING THE LEGALITY OF EVICTIONS ON THE SHORES OF LAKE VICTORIA
Written: 05 Aug 2020
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The record-breaking rise in water levels of Lake Victoria has left many residents and business owners on its shores in fear. The rise, attributed to increased rainfall has wrecked several homes, farms and businesses.
In response to this, Government of Uganda through National Environment Management Authority (the “NEMA”) has moved to evict encroachers who are within the protection zones of wetlands, shorelines and forest reserves.
Also related to these departments: Commercial Transactions
WAIVING STAMP DUTY ON DEBENTURES, EQUITABLE MORTGAGES AND FURTHER CHARGES
Written: 10 Jul 2020
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The Stamp Duty (Amendment) Act 2020 which came into force on 1st July 2020 has revised the rate of stamp duty payable on debentures, equitable mortgages and further charges
Effective 1st July 2020, stamp duty has been waived on debentures, equitable mortgages and further charges. Previously, a stamp duty of 0.5% was payable on debentures. Under the now repealed item 27, 30 and item 33 of the 2014 Stamp Duty Amendment Act, stamp duty of 0.5% of the value of the facility was payable on debentures, equitable mortgages and further charges.
Also related to these departments: Commercial Transactions
REVIEWING THE DUAL ROLE OF SPONSORS OF RETIREMENT BENEFITS SCHEMES IN LIGHT OF PROHIBITION UNDER NEW REGULATION
Written: 25 Jun 2020
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In March this year, just as Uganda was grappling with the early days of the COVID-19-enforced lockdown, the Uganda Retirement Benefits Regulatory Authority (URBRA) issued new regulations, the Uganda Retirement Benefits Regulatory Authority (Management and Operation of Retirement Benefits Schemes) Regulations, S. I. No. 43 of 2020.
Also related to these departments: Commercial Transactions
NEW LICENSING FRAMEWORK FOR THE TELECOMMUNICATIONS SECTOR
Written: 10 Jun 2020
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Operators in the telecommunications sector have been notified by the regulator, the Uganda Communications Commission (“UCC”), that effective 1st July 2020, the new licensing framework will come into force.
The new licensing framework introduces the following key licenses:
• NTO – National Telecom Operator license, covering telecom infrastructure and services operations across Uganda;
Also related to these departments: Commercial Transactions
PROPOSED AMENDMENTS TO THE TAX LEGISLATION IN UGANDA - TAX AMENDMENT (BILLS), 2020
Written: 27 Apr 2020
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PROPOSED AMENDMENTS TO THE TAX LEGISLATION IN UGANDA -TAX AMENDMENT (BILLS), 2020
INTRODUCTION
The Hon. Minister of Finance, Planning and Economic Development presented to Parliament the Tax Amendment Bills 2020 on 31st March 2020 with proposed changes to Income Tax, Value Added Tax, Excise Duty and Stamp Duty. We summarize the key proposed changes in this Alert.
INCOME TAX (AMENDMENT) BILL, 2020.
Business Income:
a) Minimum tax payable by a loss making person
Also related to these departments: Commercial Transactions
FAQs ON IMPACT OF COVID-19 ON UGANDAN LAWS
Written: 06 Apr 2020
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The COVD-19 Pandemic has affected various aspects of business world over. This is a compilation of frequently asked questions in relation to the legal implications of COVID-19 in Uganda in the areas of;
A. EMPLOYMENT
B. REAL ESTATE & CONSTRUCTION
C. CORPORATE
D. INSURANCE
E. COMPETITION
F. GENERAL QUERIES
G. DATA PROTECTION
H. LITIGATION
I. BANKING & FINANCE
J. TAX
K. CYBER SECURITY
Also related to these departments: Commercial Transactions, Intellectual Property, Litigation, Mining, Oil and Energy
New Security Interest in Movable Property Act May Require Re-Registration of Existing Securities
Written: 05 Apr 2020
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The Security Interest in Movable Property Act, 2019 (the ‘’Act’’) and the Security Interest in Movable Property Regulations, 2019 (the ‘’Regulations’’) came into force on 30th May 2019. This Act is one of the most significant statutes to impact the taking of security in Uganda.
The Act is far reaching as it requires many types of existing securities that have already been registered to be re-registered under the Act for the security to be effective against a liquidator, administrator or third parties.
Also related to these departments: Commercial Transactions
Investing in Uganda: Law Regulations and Tax Considerations
Written: 24 Jul 2017
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Regulatory Environment
Incorporating/ Registering a Company:
Investment vehicles in Uganda take on various forms including among others single member companies, private limited liability companies, incorporated and unincorporated joint ventures, partnerships and trusts. The most common vehicle for investment is the private limited liability company.
Also related to these departments: Commercial Transactions
Cross Border Insolvency: Is East Africa ready?
Written: 24 Jul 2017
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Background
More often than not, when you walk into a shop or supermarket and pick up an article, it will clearly confirm that it is made or assembled in China, England, Kenya and so on. This is indicative of international trade.
Every country is endowed with different resources and each has a peculiar comparative advantage over the other. It therefore goes without saying that no country is completely self-reliant.
Also related to these departments: Commercial Transactions
Conflict between the Income Tax Act and the Double Taxation Agreement or treaty shopping?
Written: 12 Dec 2015
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A Mauritian company has sued the Uganda Revenue Authority (URA) seeking a declaration that the assessment raised against them is illegal.
The Plaintiff received dividends from a Ugandan company with tax withheld at 10% as a benefit under the Mauritius Uganda Double Taxation Agreement (DTA), instead of at the usual withholding tax rate of 15%. Following a request for information by URA, it came to light that the Mauritian entity was held entirely by a Kenyan resident. The Mauritian company's only economic activity in Mauritius was to hold the shares in the Ugandan company.
Also related to these departments: Commercial Transactions
Decision of the High Court on Validity of Mortgages and Unconscionable Interest - H.C.C.S No. 149 of 2010 Alice Okiror & Michael Okiror V Global Capital Save 2004 Limited & Ben Kavuya
Written: 18 Jun 2012
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In June 2012, the High Court of Uganda delivered a ground-breaking judgment regarding interalia execution of mortgages by mortgagees and unconscionable interest rates.
Also related to these departments: Commercial Transactions, Litigation