Companies whose income is less than Shs 500m a year will be allowed to delay payment of corporation taxes by six months. The country will waive interest on tax arrears to lessen businesses’ tax liability obligations to the government.
In total, there is 16 trillion Shillings in the bank accounts in 2019 with about 8.2 trillion Shillings held on-demand deposit accounts where Ugandans can just walk in the bank and withdraw at any time. According to the Bank of Uganda’s annual report 2019, banks are able to lend out much of this money.
