Government tables The Public Finance Bill, 2012
With the discovery of oil not addressed in the current finance legislation in the country, there has been a need to comprehensively address this matter hence the tabling of the Public Finance Bill, 2012. This proposed law will when enacted repeal the Public Finance and Accountability Act 2003 and the Budget Act 2001.
Among the objects as listed in the Memorandum of the Bill; the establishment of the Petroleum Fund and the collection and deposit of revenues into and the withdrawal of revenue from the Petroleum Revenue Holding Account and for the managment of the Petroleum Revenue Investment reserve, to provide for the role of Bank of Uganda in the operational managment of the Petroleum revenue investment reserve; to provide for the establishment of the Investment advisory committee; to provide for the financial reports and annual plans of the Petroleum Investment reserve; to provide for the sharing of royalties. Further, the purpose of the Bill as is contained thereunder is to provide for 'good public financial managment in Uganda by setting out principles and procedures for sound fiscal policy and managment; the legal and regulatory framework for the allocation and managment of Petroleum Revenue (among others).
(see attached Memorandum of the Bill No.5 of 2012)