Clash of high direct, indirect taxation strangling economy
Uganda, April 11 -- Government has published new taxation proposals to finance the 2024/2025 budget. Highlights include a proposed land transaction tax of 5 percent, an increase in stamp duty levied on financial security documents. Uganda's fiscal picture is mixed. Uganda is proposing to collect Shs31 trillion out of the proposed Shs58 trillion budget.
This is more than a 10 percent jump from the Shs51.8 trillion budget in 2023/2024. Notably the budget expansion is twice the reported rate of annual economic growth. In 2023/2024, a stronger economy riding on higher coffee prices reported 5.5 percent economic growth.
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