NEWS– There will be no introduction of new taxes in the incoming financial year 2025/2026.
This has been confirmed by Hon. Henry Musasizi, the Minister of state for Finance, planning and economic development who is also the legislator for Rubanda East in Rubanda district.
Musasizi said this as he presented the National Budget Framework Paper for 2025/2026 to 2029/2030 on the floor of Parliament.
According to Musasizi, the government has reduced the 2025/26 national budget to Ugx 57.441 trillion, a decrease from the current Ugx 72 trillion.
“I’m pleased to confirm that Uganda’s economy has fully recovered from the COVID-19 pandemic, which had a significant impact on businesses. Our preliminary resource envelope stands at UGX57.441 trillion, which will be funded through domestic and external sources”, he added.
Hon. Musasizi stresses that in the next financial year, the government’s focus will be on refining existing tax laws rather than introducing new taxes.
The Minister of state revealed that Uganda’s economy is now on a steady growth path, driven by investments in key areas such as agriculture, tourism, and human capital development stressing that with inflation at 2.9% and below target of 5%, the government is optimistic about the future of its economy.
He added that “the 2025/26 budget will prioritize key economic fundamentals, including Peace and Security, Infrastructure Development, Human Capital Development, International Relations and Disaster Management.