On June 15, 2023, the Ugandan Minister of Finance, Planning, and Economic Development, Mr.  Matia Kasaija, presented the budget for financial year 2023/2024 to the Parliament. On that day, Income Tax (Amendment) Bill 2023 was also passed which was presented in the parliament on 30 March 2023. The pending amendments are awaiting assent from the President of Uganda and are scheduled to come into effect on 1 July 2023. The amendments regarding the income tax act are as follows:

• The definition of a “company” has been amended to specifically exclude unit trusts, also known as collective investment schemes. This amendment ensures that participants of the unit trust scheme can now enjoy the benefit of income tax exemption.
• The definition of property income has been revised to exclude winnings from sports betting and pool betting. Instead, these winnings will now be categorized as other property income. Additionally, there have been changes to the 15% withholding tax on winnings from betting and gaming, removing its application to gaming activities.
• The interest deductibility rules, which allow for a deduction of 30% of earnings before interest, tax, depreciation, and amortization (EBITDA), will no longer apply to micro-finance deposit-taking institutions and tier-4 micro-finance institutions.
• Taxpayers who settle their outstanding principal taxes by 31 December 2023, will receive a waiver of interest and penalties that were due as of 30 June 2023.
• Income tax exemption will be granted to prosecutors working in the Office of the Directorate of Public Prosecution (ODPP) to bring their taxation treatment in line with other employees within the criminal justice system. This aligns with existing tax exemptions provided to officers in the police, prisons services, and specific security organizations.