The Ministry of Finance will read shs 59trillion budget next financial year 2024/2025 this website has learnt.
The new budget will be a rise by Shs5.64 trillion compared to the 2023/2024 budget that amounted to Shs52.7 trillion.
According to reliable sources the Shs58.34 national budget will focus of full monetisation of the economy through agriculture, industrialisation, expanding and broadening services, digital transformation and market access.
The huge budget will also address wealth creation initiatives, investments in social sectors like education, health, water and manufacturing sector.
Among Key priority areas of the budget includes peace and security, road maintenance, construction of the standard gauge railway, electricity transmission and utilisation of existing energy stock.
However Minister of State for Finance Henry Musasizi,says the proposed budget will be accompanied by five tax bills Excise Duty (Amendment) Bill, 2024, the Stamp Duty (Amendment) Bill, 2024, the Tax Procedures Code (Amendment) Bill, 2024, the Value Added Tax (Amendment) Bill, 2024 and the Income Tax (Amendment) Bill, 2024.
Annually national budget is tabled before April in accordance with Section 13 of the Public Finance Management Act, 2015, which states that Minister shall, on behalf of the President, present the proposed annual budget of a financial year to Parliament, by the 1st of April of the preceding financial year.
According to Section 13 of the Public Finance Management Act, the budget for the succeeding year must also be accompanied by among others, a list of accounting officers, a statement on multi-year commitments to be made by Government in the financial year and a certificate indicating the budget’s gender and equity responsiveness.
