Uganda, April 6 -- Uganda's real estate developers have warned that the new proposed taxes on their industry risk inflicting damage if they get the green light from Parliament.

The government is in dire need of an additional Shs5.64 trillion to fund its Shs58.3 trillion budget for the 2024/2025 fiscal year, but the manner in which it intends to close that financing gap is causing consternation.

The national treasury wants to impose a five percent levy on any gains on non-business assets, such as private company shares, land in cities or municipalities, rental property, and disposal gains that are not from someone's primary residence.

The government does not, however, target gains from involuntary non-business asset disposal, like those...