UIA engages Ministry of Finance, Planning & Economic Development on Tax Proposals

17th, Oct 2023 Share This

Our Team led by our CEO, Jonan Kisakye engaged the Ministry of Finance, Planning & Economic Development (MOFPED) on a number of Tax Proposals at their Head Office in Kampala.

In attendance were representatives from our members companies: Sumit Guarav, CEO – Jubilee Life Insurance, Milton Asiimwe, Country Manager - ZEP-RE, Florence Nabakiibi, ICEA Manager -Life & Pensions & Isa Bananiga, Chief Accountant – ICEA Group. The Secretariat was represented by: Juliet Igonu, Manager - Non-Life, Bengo Badru, Manager – Life & Pensions, Annet Katusiime, Manager - Business Development and Public Relations & Membership Officer - Philip Travis Higiro. We were also joined by Izooba Fredrick, a Tax Consultant.

In this engagement, various tax issues were discussed including but not limited to: the Income Tax Act, the Tax Procedures Code, Tax Relief on Life Insurance Products, the NSSF Act, the Oil & Gas Law, Local Content laws & the impending implementation of mandatory Workers’ Compensation.

Jonan called for collective lobbying for the implementation of mandatory Workers’ Compensation because it is a necessity and will also be beneficial to URA in terms of Stamp Duty & VAT levied.  He also suggested that the Insurance Regulatory Authority (IRA) should be empowered to enforce compliance. In the same vein, he added that the Association can come up with a platform that can help Government to monitor compliance & the validity of the policies issued. Juliet noted that the Workers’ Compensation Act is housed at the Ministry of Gender & Social Development which is currently grappling with its enforcement.

Notably, in relation to the Stamp Duty Act, Isa Bananiga said that the Stamp Duty on Motor vehicles extends to the motor policies, and in cases where one is insuring a single vehicle, a certificate of insurance is issued while in case of a fleet of vehicles, a single certificate is issued for the entire fleet.

Gerald Namona, a Senior Economist at the MOFPED affirmed that they would have a look at the submissions together with the concerned Ministries & handle them accordingly.

Other officials from the MOFPED in attendance included: Samantha Kitami, Emmanuel Nasasira, Ibrahim Lubwama, Baguma Raphael, Patience Bamurebe, and Outwesiga Precious. 

Group photo after the engagement.