PARLIAMENT AMENDS INCOME TAX ACT TO CATER FOR ISLAMIC FINANCIAL BUSINESSes

Parliament has finalized the week long consideration of enacting bills to enhance Islamic Banking in Uganda. The Thursday afternoon session witnessed passing of the Income Tax Amendment No.2 bill 2023 which provides for the equivalent tax treatment of Islamic financial Businesses.
The Minister of state for Finance under General Duties Henry Musaasizi told the house that President Yoweri Museveni was at the helm of ensuring that Islamic Banking is given a priority and thus the need for the amendments in the laws.
The MPs also passed the Foreign Exchange Amendment Bill 2023 to increase the capital investment in the Forex Bureau business from 50 million to 200 million shillings.