The Ugandan budget for 2012-13 was presented by the Minister of Finance, Planning and Economic Development on 14 June 2012. This Budget is effective from 1 July 2012.
The proposed changes are summarized below:
The withholding tax on income derived from treasury bills and bonds will be increased from 15% to 20% and will constitute a final tax. The tax-exempt PAYE threshold will be increased from UGS 130,000 to UGS 235,000 per month and the tax bands will be adjusted commensurately. In addition taxable income in excess of UGS 120 million per year derived by individuals will be subject to an additional tax at the rate of 10%.
