The Parliamentary Committee of Finance has requested further clarification from officials of the Ministry of Finance, led by State Minister Henry Musasizi, regarding tax exemptions totaling over 13 billion shillings for seven companies. Chairing the committee, Amos Kakunda expressed concern over discrepancies between the original submission of three companies for tax waivers and the subsequent addition of four more companies by Minister Musasizi.
Initially, the Ministry of Finance presented three companies, including Makerere Business Institution, Nkumba University, and J2E Investment Corporation LTD, seeking tax exemptions amounting to over 239 million, 4 billion, and 2 billion shillings, respectively. However, Minister Musasizi introduced a new list featuring four additional companies, such as Mr. Donati Kananura, M/S Nicontra Ltd, Mr. Peter Lokwang, and Busoga University, with tax exemption amounts ranging from 385 million to over 3 billion shillings.
In response to these developments, Chairperson Kakunda dismissed the officials and granted them one week to provide detailed tax files for each company, justifying the reasons for their exemptions. Additionally, Elgon North County MP Gerald Nangoli raised concerns about the selection criteria used for these exemptions, warning of potential repercussions and setting a precedent for more companies to demand similar treatment, ultimately resulting in revenue loss for the government.
