{UAH} Those intending to buy land.....

Those intending to buy land.....
BEWARE:
The tax Amendment bills 2020 propose an introduction of Withholding tax on purchase of land.The bill proposes that a resident person who purchases land, other than land which is a business asset, from a resident person shall withhold tax at a rate of 0.5% of the purchase price. This implies that practically, every purchaser of land has become a withholding agent.
In practical terms, if you bought land at 100m, you would need to retain 500,000/, as WHT and remit to URA. Do we see landlords accepting figures less the WHT or it, shall be passed on to buyers???

Some things are better left for developed economies. This presumes everyone has a TIN but remember that most Ugandan population are peasants who don't even know what WHT means.

In simple however much these guys are looking for money to spend, it won't work just the same way they are limping with rental tax, ott etc.
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"When a man is stung by a bee, he doesn't set off to destroy all beehives"

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