Existing laws to be amended to align with oil agreements
Parliament has till Tuesday to amend clauses within Income Tax Amendment Bill and the Public Finance Management Act Amendment Bill relating to oil matters. This follows a deadline of 15th December put in the earlier agreements Uganda signed with Tanzania, CNOOC and Tullow on how the oil revenue will be handled. Among the clauses to be amended in the Public Finance Management Act Amendment Bill intends to give Uganda National Oil Company (UNOC) powers to spent oil funds at sources without prior appropriation from Parliament.
