The Ministry of finance has instructed the Insurance Regulatory Authority (IRA) to implement the shs.30,000 for Motor Third Party Insurance cover as it had been quoted in the 2013/2014 National budget read by Finance Minister Maria Kiwanuka in June.
The spokesperson of the regulatory body Mariam Nalunkuuma said that the authority received communication from the Ministry of Finance last Friday instructing it to enforce the implementation of the increment on Stamp Duty with immediate effect.
Motorists will therefore face an additional shs.30,000 for the mandatory insurance policy which was at shs.5,000 in the 2012/2013 Financial Year, bringing the whole total to shs.35,000.
Stamp duty is a tax levied on legal documents usually in the transfer of assets or property and also applies to motorists ferrying passengers.
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