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 corporations in monetary crises.
According to the committee chairperson, Hon. Medard Sseggona, corporations belonging to overseas buyers have principally benefitted from bailouts in comparison with corporations belonging to Ugandan buyers.
“What is the authorized and coverage framework on which you base to find out who ought to profit out of your bailouts and who shouldn’t? You are serving to AYA however you aren’t serving to Sembule who has invested in growth of your expertise and expertise,” 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 corporations by which authorities has purchased shares, and appraise the committee with particulars by Friday, 06 July 2024.
He cited corporations together with Atiak Sugar Factory, the Munyonyo Commonwealth Resort and ROKO Construction Limited.
“We need to know what we now have injected, what the price of our funding is by way of shareholding, and our stage of participation in managing these corporations. We should be capable 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 corporations that obtain tax waivers from authorities.
“On that record, allow us to have Bujagali Energy Limited. Year 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 corporations receiving tax waivers, to the economic system over the past 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.
“If you might be releasing, launch 70 per cent throughout the board. But in the event you give Makerere University 100 per cent and then you definately give Bunyoro University or Kabale University 55 per cent, that isn’t good,” Itungo stated.
Kasaija instructed the committee that cash for authorised 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 incapacity to evaluate and gather taxes on gold exports, Kasaija clarified that in May 2024, the Minister for Energy and Mineral Development 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 have been exported and whole 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 May 2024 and 27 June 2024, a complete of 4,006 kilogrammes of refined gold was exported and taxes amounting to Shs3.114 billion have been collected.
