income tax act cap 340

The Second edition of the text, which has been in use for over 23 years, has introduced a chapter on the history of taxation, covering Uganda, Kenya, and Tanzania which are partners in the East African Community. This is aimed at understanding the historical factors which influenced tax policy and legislation in the three states since the colonial era and also provides a basis for the harmonization of income tax law within the community. The new edition also incorporates discussion of some recent judicial decisions as well as a reference to the Tax Procedures Code Act, 2014 particularly in relation to the Administration of Income Tax in Chapter 11. New amendments to the Income Tax Act, cap. 340, for instance, relating to the taxation of petroleum activities, presumptive tax, and individual taxation and thresholds are also considered. In other respects, the topics relating to the distinction between capital and income, individual and business taxation, and the taxation of investment, companies, partnerships, and trusts, as well as the tax appeal mechanisms have been maintained with appropriate adjustments based on statutory amendments.