Treasury Kickstarts Preparation For the 2021/22 Budget
Kevin Namunwa  |  Oct 13, 2020

The National Treasury and Planning Ministry has already kick-started planning for the 2021/22 National Budget.

The Ministry is inviting institutions, private sectors, non-governmental organizations, and the general public to submit their taxation proposals. These suggestions form the basis upon which the budget will be prepared.

 The Public Finance Management Act, 2012, and Article 201 of the Constitution require openness and accountability, including public participation in financial matters.

The Finance Bill should be submitted to the National Assembly not later than 30th April of every year to facilitate its approval and presentation for assent by 30th June, as is required by the law.

The required tax proposals are to be submitted in writing to the ministry not later than 15th November 2020.

The submission should be in consideration the timelines and need to facilitate timely consultations with stakeholders.

National Treasury says that the proposals aim to support economic recovery from adverse effects of the Covid-19 pandemic, strengthen revenue collection, and promote macroeconomic stability.

The submissions should also be specific on the proposed amendment to the law, supported by a statement on the issue to be addressed and a clear justification for the proposed amendment.

“The review of the tax proposals, consultations and their consideration will commence on 16th November 2020, immediately after the deadline of submissions,” said Treasury CS Ukur Yatani in a statement.