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    Depreciation Rates As at 26th June 2021 - Income Tax Act

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    Kisembo Rwangakuramya
    This document summarizes tax regulations in Uganda, including: 1) Declining balance depreciation rates for assets ranging from 40% for computers to 20% for specialized equipment. 2) A vehicle depreciation ceiling of 60 million Ugandan shillings. 3) A straight-line depreciation rate of 5% for industrial buildings. 4) Prescribed areas for tax purposes including Kampala, Entebbe, Namanve, Jinja and Njeru. 5) Currency point defined as equivalent to 20,000 Ugandan shillings. 6) Regulations on withholding tax amounts for employees, calculating monthly amounts based on annual income.

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    Depreciation Rates As at 26th June 2021 - Income Tax Act

    Uploaded by

    Kisembo Rwangakuramya
    351 views3 pages
    This document summarizes tax regulations in Uganda, including: 1) Declining balance depreciation rates for assets ranging from 40% for computers to 20% for specialized equipment. 2) A vehicle depreciation ceiling of 60 million Ugandan shillings. 3) A straight-line depreciation rate of 5% for industrial buildings. 4) Prescribed areas for tax purposes including Kampala, Entebbe, Namanve, Jinja and Njeru. 5) Currency point defined as equivalent to 20,000 Ugandan shillings. 6) Regulations on withholding tax amounts for employees, calculating monthly amounts based on annual income.

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    Depreciation rates as at 26th June 2021 - Income Tax Act - Uganda Revenue Authoruty

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    Depreciation rates as at 26th June 2021 - Income Tax Act

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    This document summarizes tax regulations in Uganda, including: 1) Declining balance depreciation rates for assets ranging from 40% for computers to 20% for specialized equipment. 2) A vehicle depreciation ceiling of 60 million Ugandan shillings. 3) A straight-line depreciation rate of 5% for industrial buildings. 4) Prescribed areas for tax purposes including Kampala, Entebbe, Namanve, Jinja and Njeru. 5) Currency point defined as equivalent to 20,000 Ugandan shillings. 6) Regulations on withholding tax amounts for employees, calculating monthly amounts based on annual income.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    351 views3 pages

    Depreciation Rates As at 26th June 2021 - Income Tax Act

    Uploaded by

    Kisembo Rwangakuramya
    This document summarizes tax regulations in Uganda, including: 1) Declining balance depreciation rates for assets ranging from 40% for computers to 20% for specialized equipment. 2) A vehicle depreciation ceiling of 60 million Ugandan shillings. 3) A straight-line depreciation rate of 5% for industrial buildings. 4) Prescribed areas for tax purposes including Kampala, Entebbe, Namanve, Jinja and Njeru. 5) Currency point defined as equivalent to 20,000 Ugandan shillings. 6) Regulations on withholding tax amounts for employees, calculating monthly amounts based on annual income.

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    SIXTH SCHEDULE

    Ss.27, 28, 29

    Depreciation Rates and Vehicle Depreciation Ceiling


    Part I
    Declining Balance Depreciation Rates for Depreciable Assets

    CLASS ASSETS INCLUDED RATE

    1 Computers and data handling equipment 40%

    Automobiles; buses and mini-buses with a seating capacity of


    less than 30 passengers; goods vehicles with a load capacity
    2 35%
    of less than 7 tonnes; construction and earth moving
    equipment.

    Buses with a seating capacity of 30 or more passengers; goods


    vehicles designed to carry or pull loads of 7 tonnes or more;
    3 specialised trucks; tractors; trailers and trailer-mounted
    30%
    containers; plant and machinery used in farming,
    manufacturing or mining operations.

    Rail cars, locomotives and equipment; vessels, barges, tugs


    and similar water transportation equipment; aircraft; specialised
    4 public utility plant, equipment and machinery; office furniture, 20%
    fixtures and equipment; any depreciable asset not included in
    another class.

    Part II

    Vehicle Depreciation Ceiling

    The amount for the purposes of Section 27(11) is shs. 60,000,000 [30,000,000]

    Part III

    Straight-line Depreciation Rate for Industrial Buildings

    The depreciation rate for the purposes of Section 29 is 5%.

    - 145 -
    Part IV

    Prescribed Areas

    The following areas are prescribed for the purposes of Section 28: - Kampala, Entebbe,
    Namanve, Jinja and Njeru.

    SEVENTH SCHEDULE
    S. 2
    Currency Point

    One currency point is equivalent to twenty thousand (20,000) Uganda shillings.


    __________________

    EIGHTH SCHEDULE
    S.89Q
    Classification, Definition and Allocation of Costs and Expenditures

    Cross References

    Building Societies Act, Cap. 108


    Constitution, 1995
    Diplomatic Privileges Act, Cap. 201
    Income Tax Decree, Decree 1/1974
    Investment Code, Statute 1/1991
    Local Governments Act, Cap. 243
    Magistrates Courts Act, Cap.16
    Mining Act, Cap. 148
    Petroleum (Exploration & Production) Act, Cap.150
    Petroleum (Exploration, Development & Production) Act, 2013
    Petroleum (Refining, Conversion, Transmission & Midstream) Act, 2013
    Uganda Revenue Authority Act, Cap. 196

    - 146 -
    THE INCOME TAX (WITHHOLDING TAX) REGULATIONS 2000
    (Under Section 116(1) and 164 of the Income Tax Act, 1997 Cap.340)

    In exercise of the powers conferred upon the Minister by Section 164 of the Income tax Act
    1997, these Regulations are made this 1st day of June 2000.

    1. Short Title and Commencement

    These Regulations may be cited as the Income Tax (Withholding Tax) Regulations, 2000,
    and shall be deemed to have come into force on the 1st day of July 2000.

    2. Interpretation

    (1) In these Regulations, “Act” means the Income Tax Act, 1997.

    (2) Terms and expressions used in these Regulations have, unless the contrary intention
    appears, the same meaning as they have in the Act.

    3. Amount of Tax to be Withheld

    (1) Every employer obliged under Section 116 of the Act to withhold tax from a payment
    of employment income to an employee shall withhold tax in accordance with this
    regulation.

    (2) Subject to sub-regulation (10), where employment income is paid monthly by an


    employer to an employee and the employee has furnished the employer with an
    employee declaration, the amount of tax to be withheld from the payment for a month
    (referred to as the “current month”) is calculated according to the following formula –

    (A – B)/C

    Where –

    A is the amount of tax payable calculated –

    (a) in the case of an employee who is a resident individual, in accordance


    with paragraph 1 of Part I of the Third Schedule to the Act on the
    annualised employment income of the employee calculated in
    accordance with sub-regulation (3); and

    (b) in the case of an employee who is a non-resident person, in accordance


    with paragraph 2 of Part I of the Third schedule to the Act on the

    - 147 -

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