Corporation Tax Killing Investments, Museveni

President Yoweri Museveni says Corporation tax is high and prohibitive of investments in the country.

Speaking at the Bank of Uganda Golden Jubilee Celebration held in Kampala today, President Museveni said Uganda faces economic challenges of high taxation, wage rate and the high cost of money for the private sector.

Corporation tax is a form of income tax that is charged on the profits of a business.

When a company reveals it has made a profit, it will declare the amount before tax and the amount after tax.

Meanwhile the president has also decried the high interest rates in the economy yet commercial banks are well regulated.

He also commended Bank of Uganda for being able to control inflation that has been able to attract investors in the country.

He however noted that controlling inflation is not enough to boost growth describing it as “stopping surface bleeding yet the wound on the inside had not been treated.

Written by Reporter