• Latest
SACCOs Petition Parliament Over Proposed 30% Tax Levy

SACCOs Petition Parliament Over Proposed 30% Tax Levy

7 years ago
Museveni Pledges $500bn Economic Leap, Rejects Politics of Age and Careerism

Museveni Pledges $500bn Economic Leap, Rejects Politics of Age and Careerism

8 hours ago
Museveni Duly Nominated as Sole Candidate for NRM Chairman and 2026 Flagbearer

Museveni Duly Nominated as Sole Candidate for NRM Chairman and 2026 Flagbearer

10 hours ago
Magogo Re-Elected FUFA President, Sets Bold Agenda for 2025–2029 Term

Magogo Re-Elected FUFA President, Sets Bold Agenda for 2025–2029 Term

10 hours ago
Pictorial: Vibe, Dance and Fanfare as Museveni Arrives for NRM Nomination

Pictorial: Vibe, Dance and Fanfare as Museveni Arrives for NRM Nomination

10 hours ago
TikTok Tops Traffic: A Snapshot of Uganda’s Social Media and Streaming Platform Usage

TikTok Tops Traffic: A Snapshot of Uganda’s Social Media and Streaming Platform Usage

1 day ago
Among Faces Kadaga as Key Contenders Vie for NRM Entrepreneurs League Vice Chair

Among Faces Kadaga as Key Contenders Vie for NRM Entrepreneurs League Vice Chair

1 day ago
SoftPower News
Sunday, July 6, 2025
  • News
  • Tourism & Travel
  • Business
  • Lifestyle
    • Fashion
  • Regional
    • Kenya
    • Rwanda
    • Tanzania
    • Burundi
    • South Sudan
    • DR Congo
  • Defence & Security
  • Sport
  • Entertainment
  • More
    • Agriculture
    • Africa
    • Columnists
    • Education
    • Health
      • COVID-19
    • International News
    • News in Pictures
    • OpEd
    • Pearl Of Africa
    • People
    • Politics
    • Special Reports
    • Women
No Result
View All Result
  • News
  • Tourism & Travel
  • Business
  • Lifestyle
    • Fashion
  • Regional
    • Kenya
    • Rwanda
    • Tanzania
    • Burundi
    • South Sudan
    • DR Congo
  • Defence & Security
  • Sport
  • Entertainment
  • More
    • Agriculture
    • Africa
    • Columnists
    • Education
    • Health
      • COVID-19
    • International News
    • News in Pictures
    • OpEd
    • Pearl Of Africa
    • People
    • Politics
    • Special Reports
    • Women
No Result
View All Result
SoftPower News
No Result
View All Result
Home News

SACCOs Petition Parliament Over Proposed 30% Tax Levy

by Mivule Gyagenda
April 25, 2018
SACCOs Petition Parliament Over Proposed 30% Tax Levy

Representatives from the Uganda Cooperatives Savings and Credit Union Ltd appearing before the committee of Parliament

10
VIEWS

A number of SACCOs under their collective body, Uganda Cooperatives Savings and Credit Union Ltd, have petitioned the Parliamentary Finance Committee opposing the reinstating of taxes on SACCOs barely a year since a motion for their exemption was passed.

In the new proposed taxes presented by government on Tuesday, a tax of 30% was slapped on SACCOs despite a ten year grace period that they were given as exempted, effective last year to give them room to grow.

Related Stories

Museveni Pledges $500bn Economic Leap, Rejects Politics of Age and Careerism

Museveni Duly Nominated as Sole Candidate for NRM Chairman and 2026 Flagbearer

Magogo Re-Elected FUFA President, Sets Bold Agenda for 2025–2029 Term

In their petition, the Union highlights a number of taxes SACCOs pay including Pay as you earn from employees of the SACCO, local service tax, income tax, withholding tax, operation tax among others.

The union hence disagrees with the proposed tax saying it discourages the public from saving their money and that it affects the growth of cooperatives.

Kyaka Twaha, the business development manager of the union and the chairperson of Kayunga – Mukono Teachers’ SACCO Nabuyungo Mary Josephine were some of those who presented the petition.

“If the exemption of SAACOs from tax is upheld, it will continue to motivate members of the public to save with SACCOs and generally the financial system will be boosted as they will be raising more revenue,” Kyaka said.

Kyaka added, “In SACCOS, there is no capital flight and repatriation of profits as it is the case with foreign controlled financial institutions and other entities which are granted tax holidays.”

The State Minister for Finance in charge of planning, David Bahati on Tuesday justified the proposed tax on SACCOs saying they have identified SACCOs that have accumulated wealth mentioning the Kwagalana SACCO and that such cannot just be left to operate without remitting taxes.

The Director Wazalendo SACCO, David Semakula noted that it’s unfair to subject SACCOs of the poor Ugandans to such a tax. He cited soldiers as some of those who earn meagre income but save with Wazalendo in a bid to cooperatively grow.

The Chairperson Uganda Parliamentary SACCO Jalia Bintu challenged the Ministry of Finance to come up with remedies for SACCOs of wealthy people other than suppressing the entire SACCO sector of which majority of its members are poor people who are struggling to save and see how they can grow.

Tags: SACCOstaxesUgandaURA

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *


The reCAPTCHA verification period has expired. Please reload the page.

Recent Stories

Museveni Pledges $500bn Economic Leap, Rejects Politics of Age and Careerism

Museveni Duly Nominated as Sole Candidate for NRM Chairman and 2026 Flagbearer

Magogo Re-Elected FUFA President, Sets Bold Agenda for 2025–2029 Term

Pictorial: Vibe, Dance and Fanfare as Museveni Arrives for NRM Nomination

TikTok Tops Traffic: A Snapshot of Uganda’s Social Media and Streaming Platform Usage

Among Faces Kadaga as Key Contenders Vie for NRM Entrepreneurs League Vice Chair

Stanbic Bank Ad
SoftPower News Logo

SoftPower News is a subsidiary of SoftPower Communications LLC, a Ugandan digital media group. Keep posted of the latest from Uganda and East Africa.
Plot 4B Malcolm X, Kololo
P.O Box 1497, Kampala - Uganda
Tel: +256-392-001-701
Email: info@softpower.ug

This news site is licenced by Uganda Communications Commission (UCC)

ADVERTISEMENT
Stanbic Remittance Ad
  • News
  • Tourism & Travel
  • Business
  • Lifestyle
  • Regional
  • Defence & Security
  • Sport
  • Entertainment
  • More

© SoftPower News

error: Content is protected
No Result
View All Result
  • News
  • Tourism & Travel
  • Business
  • Lifestyle
    • Fashion
  • Regional
    • Kenya
    • Rwanda
    • Tanzania
    • Burundi
    • South Sudan
    • DR Congo
  • Defence & Security
  • Sport
  • Entertainment
  • More
    • Agriculture
    • Africa
    • Columnists
    • Education
    • Health
      • COVID-19
    • International News
    • News in Pictures
    • OpEd
    • Pearl Of Africa
    • People
    • Politics
    • Special Reports
    • Women

© SoftPower News