Schedule 1 (Section 3)
Currency point
A currency point is equivalent to twenty thousand shillings.Schedule 2 (Section 5(7))
Format of Charter for Fiscal Responsibility
1. Statement of fiscal policy objectives
The statement shall indicate the measureable objectives of Government for a fiscal policy in the medium term, which are consistent with the principles in section 5.2. Methodology for assessing fiscal performance
This shall indicate the methodology to be used to measure the performance of the Government against the objectives required under paragraph 1 of this Schedule.3. Sources of data to be used for reporting fiscal performance
The sources of data shall include the consolidated audited accounts of Government and the audited accounts of the Petroleum Revenue Holding Account and the Petroleum Revenue Investment Reserve.4. Consistency of Charter for Fiscal Responsibility with the principles in section 5
This shall demonstrate how the fiscal objectives required under paragraph 1 of this Schedule are consistent with the principles in section 5 and the consistency shall be determined using the macroeconomic and fiscal data, assumptions, and projections of the economy and any financial updates.Schedule 3 (Section 9(4))
Format for Budget Framework Paper
1. Medium-term macroeconomic forecast
The medium term macroeconomic forecast shall indicate the actual, estimated, and projections covering the previous two financial years, the current financial year, and the next five financial years and shall indicate in respect of each financial year the following economic variables—(a)the average and year end gross domestic product;(b)the rate of inflation (average and year-end);(c)the rate of employment and unemployment;(d)the average and year end exchange rate;(e)the interest rates; and2. Medium-term fiscal framework
This is a statement of the targets of Government for the variables which are the subject of a fiscal objective under paragraph 1 of Schedule 2.3. Medium-term fiscal forecast
The medium term fiscal forecast shall cover the previous two financial years, the current financial year, and the next five financial years and shall indicate in respect of each financial year, the following economic variables—(a)the non-petroleum revenue of Government in respect of—(iii)external grants for towards the annual budget and project grants;(b)the petroleum revenue;(c)the expenditure and net lending of Government for—(ii)investment expenditure; and(d)the overall balance of Government;(e)the non-petroleum revenue balance;(i)financing of Government including -external financing;(ii)domestic financing; and(iii)petroleum fund financing;(f)any errors and omissions.4. Compliance with the Charter for Fiscal Responsibility
This is a demonstration of how the fiscal targets in the Budget Framework Paper are consistent with the objectives set out in the Charter for Fiscal Responsibility.5. Statement of the resource for the annual budget for the next financial year
This is a statement of the resource to be approved by Parliament and used by the Ministry in the preparation of the budget for the next financial year, which shall indicate—(a)the ceiling of the expenditure of Government in the financial year;(b)the floor of the investments of Government in the financial year; and(c)the ceiling on total budget funding from the Petroleum Revenue Holding Account in the financial year.6. Statement of the policy measures
This is a statement of the major expenditure and revenue policies the Government is to introduce in order to ensure that the targets in paragraph 2 and the limits in paragraph 4 of this Schedule are respected.7. Medium-term expenditure framework
These are the projections of Government expenditure in respect of each vote, for the financial year and the next financial year, split into current expenditure and investment expenditure.8. Fiscal risks statement
This is a statement of the main sources of risk to the fiscal objectives of Government and a quantified estimation of the fiscal impact of these risks including—(a)alternate fiscal framework based on more realistic assumptions of the key macroeconomic variables; and(b)a statement of the individual sources of fiscal risks and an estimate of the likely fiscal impact of risks if they materialize.Schedule 4 (Section 36)
Terms and conditions for raising loans
1. Conditions and terms for bills, bonds and stocks
The following terms and conditions shall apply to any loan raised under section 36 of this Act—(a)bills and bonds shall be issued upon the best and most favorable terms and conditions that can in the opinion of the Minister be obtained;(b)no bill issued may provide for maturity at a date later than one year after the date of issue;(c)stock shall be issued as registered stock upon the best and most favorable terms and conditions that can, in the opinion of the Minister, be obtained and shall be transferable by a written instrument of transfer;(d)every stock certificate lawfully issued shall be prima facie evidence of the title of the person named in it for the stock specified in it;(e)stock shall be redeemable at par on a date to be named when issuing it, the date not being later than forty years from the date of issue;(f)the Minister may reserve the option to redeem the stock in whole or in part, by drawings or otherwise, at any time prior to the date specified in paragraph (e), on such conditions as may be declared at the time of issue;(g)on the date appointed for the redemption of the stock or any part of it, all the interest on the principal money shall cease to accrue whether payment of the principal has been demanded or not; and(h)interest on stock, and on bonds if interest is payable on it, shall be payable half-yearly or at such longer intervals as the Minister may direct.2. Conditions for issue of bills, bonds and stocks
The Minister may at the time of issue of any bills, bonds or stock, impose conditions, consistent with this Act as to all or any of the following matters—(a)the price of issue of the security;(b)the denominations in which the security will be issued and transferred;(d)in the case of bonds, the rates of capital appreciation which may accrue to the principal money;(e)the times and places of the repayment of the principal and payment of the interest;(f)in the case of bonds in respect of which payments of premiums or prizes are provided for in lieu of, or in addition to the interest, the manner in which the bonds shall be selected or the manner of payment of the premiums or prizes;(g)the exchange of stock into certificates to bearer and the exchange, as circumstances may require, of those certificates into stock;(h)the exchange of bonds, during their currency, into stock; and(i)any other conditions the Minister may deem expedient.3. Exemption from stamp duty
Stamp duty shall not be payable in respect of any interest certificate or transfer stock.4. Exemption from laws relating to lotteries
Nothing in any written law relating to lotteries shall apply in relation to bonds issued under this Act by reason of any use or proposed use of chance to select particular bonds for special benefits, if the terms of the issue provide for the repayment in full of the amount subscribed for those bonds.5. Interest subject to withholding tax
For the avoidance of doubt, any interest on bills, bonds and stock shall be deemed to be interest for the purpose of the Income Tax Act, and the provisions of the Income Tax Act relating to withholding tax shall apply to that interest; unless that interest is exempt from withholding tax by an order made under that Act.Schedule 5 (Section 51)
Provisions for submission of accounts
1. Accounts to be submitted by the Accountant General
The following accounts shall be submitted to the Auditor General and the Minister by the Accountant General—(a)a balance sheet showing the consolidated assets and liabilities of all public funds and other entities wholly funded through the Consolidated Fund;(b)a consolidated statement of the cashflow for all public funds and other entities wholly funded through the Consolidated Fund showing the revenues, expenditures and financing for the year;(c)a balance sheet showing the assets and liabilities of the Consolidated Fund;(d)a statement of the cashflow for the Consolidated Fund showing the revenues, expenditures and financing of the Consolidated Fund for the financial year;(e)a summary statement of revenue and expenditure, being a summary of all the statements signed by the Accounting Officers under paragraphs 2 (a) and (c) of this Schedule;(f)a statement of the amounts outstanding at the end of the financial year in respect of the Government debt;(g)a statement of the amounts guaranteed by the Government in the financial year, in respect of bank overdrafts, loans, public loan issues and other contingent liabilities;(h)a statement of the amount outstanding at the end of the financial year in respect of loans issued by the Government;(i)a statement of investments held by the Government at the end of the financial year showing the original cost and current value;(j)a consolidated statement of financial performance of state enterprises as at the end of the financial year;(k)a statement of losses of public money and stores written off and claims abandoned during the financial year and the authority for such write off or abandonment;(l)a statement of losses of public money and stores reported during the financial year whether written off or not;(m)a summary of the statements of arrears of revenue signed by Accounting Officers under paragraph 2 (d) of this Schedule;(n)a summary statement of the commitments which are outstanding for the supply of goods, works and services, for each vote, at the end of the financial year, being a summary of the amount included for the commitments in the statement signed by Accounting Officers under paragraph 2 (b) of this Schedule;(o)a summary statement of stores and other assets for each vote, being a summary of the statement of assets signed by Accounting Officers under paragraph 2 (e) of this Schedule; and(p)any other statement, in the form Parliament may require.2. Accounts to be submitted by Accounting Officers
The following accounts shall be submitted to the Accountant General by an Accounting Officer—(a)an appropriation account, signed by the Accounting Officer, showing the services for which the money expended were voted, the sums actually expended on each service, and the state of each vote compared with the amount appropriated for that vote by Parliament;(b)a statement signed by the Accounting Officer and in the form the Accountant General may direct containing the amount of commitments outstanding for the supply of goods, works and services at the end of the financial year and any other information the Minister may require;(c)a statement of revenues received, signed by the Accounting Officer, and in the form the Accountant General may direct, showing the amount contained in the estimates of revenue for each source of revenue, the amount actually collected and containing an explanation for any variation between the revenues actually collected and the amount estimated;(d)a statement of arrears of revenue, signed by the Accounting Officer, showing the amount outstanding at the end of the financial year for each source of revenue and containing information in the form the Accountant General may direct and which shall be submitted as a nil return where appropriate;(e)a statement of assets, signed by the Accounting Officer, containing details and values of the unallocated stores under the control of the Accounting Officer at the end of the financial year, together with the details and values of any other classes of assets under the control of the Accounting Officer as the Accountant-General may determine;(f)a statement of performance, signed by the Accounting Officer, indicating each class of outputs provided during the year, which shall—(i)compare the performance with the forecast of the performance contained in the estimates laid before Parliament under section 13(15) (b); and(ii)give the particulars of the extent to which the performance criteria specified in that estimate in relation to the provision of those outputs was satisfied; and(g)any other statements, in the form the Accountant-General may require.Schedule 6 (Section 75(6) and (7))
Fomula for sharing revenue From royalties among local governments
Part I – Sharing of revenue among local governments involved in petroleum production
1.The royalty share for a local government is the percentage proportion of the level of production of the local government divided by the total level of production of all the local governments involved in petroleum production as represented below:DRS = (DLP /TP) X 50%RSDWhere:DRS is the share of royalties due to a local government;DLP is the level of production of a particular local government;TP is the total petroleum produced by all the local governments involved in petroleum production in a financial year; andRSD is the total revenue from royalties due to the local governments located within the petroleum exploration and production areas of Uganda.Part II – Sharing of revenue among local governments located within the petroleum exploration and production areas of Uganda
DRS = (DP/TPPD) X 50%RSDWhere;DRS is the share of royalties due to a local government;DP is the population of a local government located within the petroleum exploration and production areas of Uganda;TPPD is the total population of all local governments located within the petroleum exploration and production areas of Uganda; andRSD is the total revenue from royalties due to the local governments located within the petroleum exploration and production areas of Uganda.