Positive Views On Budget
Jun 13, 2003
GERALD Ssendaula, the finance minister, has cautioned fuel dealers against taking advantage of the higher taxes on fuel, and uphazardly raise the pump prices.
By Ricks Kayizzi
GERALD Ssendaula, the finance minister, has cautioned fuel dealers against taking advantage of the higher taxes on fuel, and uphazardly raise the pump prices.
On Thursday, Ssendaula announced an excise duty of sh50 per litre on petrol and sh30 for diesel.
“Fuel dealers should consult widely, and also try to ascertain whether this modest change will affect their profits, before making any move,†he said while addressing a budget breakfast at Grand Imperial Hotel yesterday. It was organised by the Institute of Certified Public Accountants of Uganda (ICPAU).
Nimrod Waniala, the Private Sector Foundation Uganda (PSFU) executive director, said that the external shocks resulting from the fluctuating fuel prices might lead to a violent surge in production costs.
He said the business community was weary of the policy of paying taxes in advance, as they are punitive, and also limit the cash flow.
“In this way we will be able to stop the impending recession, and stop the economic downturn,†he said.
A large gathering turned up to hear Ssendaula’s post-budget speech comments. However the issue of higher excise duty on airtime did not go down well with most people. Ends
GERALD Ssendaula, the finance minister, has cautioned fuel dealers against taking advantage of the higher taxes on fuel, and uphazardly raise the pump prices.
On Thursday, Ssendaula announced an excise duty of sh50 per litre on petrol and sh30 for diesel.
“Fuel dealers should consult widely, and also try to ascertain whether this modest change will affect their profits, before making any move,†he said while addressing a budget breakfast at Grand Imperial Hotel yesterday. It was organised by the Institute of Certified Public Accountants of Uganda (ICPAU).
Nimrod Waniala, the Private Sector Foundation Uganda (PSFU) executive director, said that the external shocks resulting from the fluctuating fuel prices might lead to a violent surge in production costs.
He said the business community was weary of the policy of paying taxes in advance, as they are punitive, and also limit the cash flow.
“In this way we will be able to stop the impending recession, and stop the economic downturn,†he said.
A large gathering turned up to hear Ssendaula’s post-budget speech comments. However the issue of higher excise duty on airtime did not go down well with most people. Ends