Legislators on the Committee on Commissions, Statutory Authorities and State Enterprises have tasked the finance ministry to current documentation on the factors utilized in granting bailouts to firms in monetary crises.
In keeping with the committee chairperson, Hon. Medard Sseggona, firms belonging to overseas traders have principally benefitted from bailouts in comparison with firms belonging to Ugandan traders.
“What’s the authorized and coverage framework on which you base to find out who ought to profit out of your bailouts and who mustn’t? You’re serving to AYA however you aren’t serving to Sembule who has invested in growth of your know-how and abilities,” stated Sseggona.
He raised the priority in a gathering between committee members and officers from the ministry on Friday, 28 June 2024.
The delegation showing earlier than the committee was led by finance minister, Hon. Matia Kasaija.
Ssegona additionally tasked the minister to current a schedule of all firms by which authorities has purchased shares, and appraise the committee with particulars by Friday, 06 July 2024.
He cited firms together with Atiak Sugar Manufacturing unit, the Munyonyo Commonwealth Resort and ROKO Building Restricted.
“We need to know what we now have injected, what the value of our funding is when it comes to shareholding, and our degree of participation in managing these firms. We should have the ability to reap again our cash,” Sseggona added.
Hon. Timothy Batuwa (FDC, Jinja South Division West) additionally tasked the minister to appraise the committee on the standing of firms that obtain tax waivers from authorities.
“On that record, allow us to have Bujagali Power Restricted. 12 months after 12 months, they search tax waivers and we need to know what profit authorities has derived from this transfer,” Batuwa stated.
Sseggona added that the ministry ought to point out the financial contribution of firms receiving tax waivers, to the economic system during the last three years.
Hon. Nathan Itungo (Indep., Kashari South County) raised concern over selective launch of funds, citing that some universities obtain 100 per cent launch of funds whereas others obtain solely 60 per cent by the shut of the monetary 12 months.
“In case you are releasing, launch 70 per cent throughout the board. However when you give Makerere College 100 per cent and then you definitely give Bunyoro College or Kabale College 55 per cent, that isn’t good,” Itungo stated.
Kasaija informed the committee that cash for authorized budgets is launched on a well timed foundation, including that the releases are based mostly on the money accessible.
On queries by the committee about URA’s incapability to evaluate and acquire taxes on gold exports, Kasaija clarified that in Could 2024, the Minister for Power and Mineral Improvement issued a statutory instrument imposing a levy US$200 per kilogramme of processed gold exported.
He added that the extent of purity of gold exported was specified to be at 99.9 per cent.
“URA began the evaluation and assortment accordingly. From 01 July 2021 to 30 June 2023, a complete of 65,135 kilogrammes of processed gold had been exported and complete tax assessed was Shs47.28 billion. Of this, Shs2.17 billion was paid, leaving Shs45.1 billion in excellent tax arrears,” Kasaija stated.
He added that for the interval between 24 Could 2024 and 27 June 2024, a complete of 4,006 kilogrammes of refined gold was exported and taxes amounting to Shs3.114 billion had been collected.
Distributed by APO Group on behalf of Parliament of the Republic of Uganda.