Government Moves to Cap Profit Repatriation on Foreigners
Members of Parliament (MP) sitting on Parliament Finance Committee Chaired by Henry Musasizi have called upon government to consider capping profit repatriated by foreign investors.
This was in a meeting with the State Minister for Investment, Evelyn Anite to deliberate on the Investment Code Amendment Bill, 2017.
The object of the bill to revise, modernize and replace the 1991 Investment Code Act and to make it conform to the provisions of the Constitution to continue in existence.
According to the legislators on the committee, the government has been so lenient to foreigners who take away a lot of money from the country hence suffering the country’s economy.
Kilak North MP, Anthony Akol said that government should consider capping profits repatriated from the country to 30 percent.
The committee Chairperson Musasizi urges that its high time Ugandans benefit from the favors government has been providing to investors among which is the percentage of profit that can be taken out of the country in a given period of time.
Musasizi argued that foreign investors must be encouraged to keep the money here and reinvest it in the country instead of taking it elsewhere.
In response, the Minister argued that the changes desired by legislators can only be achieved through a thorough policy change.