{"id":6747,"date":"2022-09-26T09:55:06","date_gmt":"2022-09-26T09:55:06","guid":{"rendered":"https:\/\/ugandaupdatenews.com\/?p=6747"},"modified":"2022-09-26T09:55:12","modified_gmt":"2022-09-26T09:55:12","slug":"ura-advices-contractors-for-the-eacop-project-about-tax-incentives-and-exemptions","status":"publish","type":"post","link":"https:\/\/prowebinhost.com\/anzu\/ura-advices-contractors-for-the-eacop-project-about-tax-incentives-and-exemptions\/","title":{"rendered":"URA advices contractors for the EACOP project about tax incentives and exemptions"},"content":{"rendered":"\n

At least 80 companies that will participate in the construction of the East Africa Crude Oil Pipeline have undertaken a tax regime training offered by the Uganda Revenue Authority (URA) about the available tax incentives in the oil and gax sector .<\/p>\n\n\n\n

Some of the tax holidays for the licensed petroleum companies and their contractors include various tax duties at the importation of inputs and machinery for use in upstream oil and other supportive gas operations.<\/p>\n\n\n\n

The contractors both directly dealing with EACOP or being sub-contracted have been advised on the tax opportunities put in place by URA -to enable them to operate under a less costly environment . According to URA the tax incentives are offered with a projection of a return on investment from the various revenue collection points envisaged when the project completes.<\/p>\n\n\n\n

<\/p>\n\n\n\n

\"\"
Robert R. Wamara, The Manager, Corporate and Public Affairs with URA<\/figcaption><\/figure>\n\n\n\n

The Manager, Corporate and Public Affairs at URA Mr. Robert Wamara, said that the tax incentives have been extended to both direct contractors and sub-contractors, especially on the temporary importation of vehicles, supplies, and other related goods and services.<\/p>\n\n\n\n

\u201cIncentives on VAT, Income tax, Customs, and others will be deemed tax exempted to direct level 1 contractor for supplies and level 2 contractors. In the training, we need to make participants understand their rights and obligations, and incentives in the tax law. We want to make it possible fo the project to be completed at fewer costs\u201d he added<\/p>\n\n\n\n

The Officer Midstream at URA Earnest Niwanyine, , highlighted that although there are various incentives outlined for contractors under the EACOP project, there are obligations that have to be met to be granted the incentives including being registered with the National Suppliers data base filling reliable returns, registering for taxes, among others.<\/p>\n\n\n\n

Background:<\/strong><\/p>\n\n\n\n

\u00b7         Parliament passed the East African Crude Oil Pipeline (Special Provisions) Bill 2021 on 9 December to formalise the East African Crude Oil Pipeline (EACOP) Company. It was gazetted as an Act on 24 December.<\/p>\n\n\n\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0The shareholders of the EACOP Company are France\u2019s TotalEnergies with 62 per cent, Uganda National Oil Company at 15 per cent, Tanzania Petroleum Development Corporation at 15 per cent, and China National Offshore Oil Company (CNOOC) at 8 per cent.<\/p>\n\n\n\n

The crude oil pipeline project is expected to cost $3.5 billion, with 60 per cent coming in as debt and the remaining 40 per cent as equity.<\/p>\n\n\n\n

\u00b7         The law was introduced to harmonise the different pieces of legislation that would affect the pipeline project between Uganda and Tanzania.<\/p>\n\n\n\n

\u00b7         The law dedicates an entire section to national content and outlines 15 services that have been ring-fenced for Ugandan companies.<\/p>\n\n\n\n

\u00b7         The law is not only generous to Ugandans but offers some incentives to the EACOP Company, especially tax exemptions.<\/p>\n","protected":false},"excerpt":{"rendered":"

At least 80 companies that will participate in the construction of the East Africa Crude Oil Pipeline have undertaken a<\/p>\n","protected":false},"author":1,"featured_media":6748,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[65,196],"tags":[],"class_list":["post-6747","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national-news","category-tax-issues"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2022\/09\/CG4-1024x602-1.jpg","jetpack-related-posts":[{"id":7268,"url":"https:\/\/prowebinhost.com\/anzu\/tax-revenue-ura-to-grant-tax-compliant-businesses-special-treatment-when-clearing-goods\/","url_meta":{"origin":6747,"position":0},"title":"Tax revenue : URA to grant Tax-compliant businesses special treatment when clearing goods","author":"UgandaUpdate","date":"November 14, 2022","format":false,"excerpt":"At least 24 tax compliant companies have been identified by the tax body-Uganda Revenue Authority (URA) to be accorded special treatment when clearing their goods at customs. 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