1. Construction of this Act
This Act shall be read as one with the East African Customs and Transfer Tax Management Act, in this Part referred to as the Act.
Finance Act (No. 1)
Current version · as at 16 June 1995
An Act to provide for the alteration of certain taxes and duties and to amend certain written laws relating to those taxes and for other purposes connected with the above.
About this Act
An Act to provide for the alteration of certain taxes and duties and to amend certain written laws relating to those taxes and for other purposes connected with the above.
In force
Full text of the Act
0 parts · 6 sections
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Uganda
Finance Act (No. 1)
Commenced on 16 June 1995
[This is the version of this document at 16 June 1995.]
An Act to provide for the alteration of certain taxes and duties and to amend certain written laws relating to those taxes and for other purposes connected with the above.
2. Amendment to section 2
The Act is amended in section 2 by substituting for subsection (2)(a) the following—
“(a) goods shall be deemed to be entered when the entry made and signed by the owner in the prescribed manner, is lodged and has been processed by the proper officer”.
3. Amendment to section 28
The Act is amended in section 28 — (a) by substituting for subsection (1) the following—
“(1) Save as otherwise provided in the Customs laws, the whole of the cargo of any aircraft or vessel which is unloaded or is to be unloaded, shall be entered by the owners within a period of twenty-one days after the commencement of discharge either for— (a) home consumption; (b) warehousing; (c) transhipment; (d) export ex-warehouse; (e) removal to another warehouse; (f) use as stores for aircraft or vessels; or (g) re-warehousing.”;
(b)
by inserting immediately after subsection (4) the following new subsections— “(5) Where goods are entered for home consumption and are liable to taxes, payment of taxes should be effected within a period of forty-five days.
(6)
A person who contravenes subsection (5) is liable to payment of a fine of 1% of the taxes assessed to be paid.”.
4. Amendment to section 106
The Act is amended in section 106 by deleting the proviso occurring in subsection (1).
5. Amendment to section 108
The Act is amended in section 108 by substituting for subsection (2)(c) the following—
“(c) the rate of exchange to be used in determining the equivalent of the Shilling in foreign currency shall be— (i) the weighted average selling rates of the previous month’s exchange rates for the purpose of imports; and (ii) the weighted average buying rates of the previous month’s exchange rates for the purpose of exports.”.
6. Miscellaneous fines and penalties
The fines and penalties specified under the second column of the Schedule to this Act are substituted for the fines and penalties appearing in the section indicated in the first column.
Original Laws of Uganda consolidation (as at 16 June 1995) — public-domain legislation, consolidated by ULII / Laws.Africa (CC BY 4.0). This is a point-in-time text and may not reflect later amendments; confirm against the latest Uganda Gazette before relying on it.