The Ugandan Parliament has issued a release announcing the approval of amendments to the Income Tax Act on 11 July 2023, including new loss carryforward limitations and a digital services tax.
Under prior loss rules, Uganda generally allowed losses to be carried forward indefinitely without any utilization (offset) limits in a particular year. Under the new provision, taxpayers carrying forward losses after a period of seven income years are only allowed a deduction of 50% of the losses ca…