Category «Business»

Amended mobile money tax effective today

By Ssebuliba Samuel. The long awaited reduction in mobile money tax charges takes effect today. Parliament on 2nd October 2018 revised the contentious Excise Duty Act and reduced the mobile money tax on all withdraw transactions from 1 to 0.5% but had since not been effected. Speaking in parliament, the state minister for finance David Bahati said that the 0.5% tax as stipulated in the amendments act will take effect today after being gazetted. President Museveni last week assented to the law.

Business community decry CBR increment

By Ritah Kemigisa. The local business community has expressed fear that raising interest rates will cripple many of their businesses. Their outcry comes after the Bank of Uganda announced a raise in the central bank rate (CBR) from 9% to 10%. Now the Hardware World Chief Executive officer Simon Ssekanya tells KFM that increasing the lending rates is not only bad for business but also affects the consumer. This he says is because the rates increase the cost of borrowing a burden that is always put on the consumers inform of high prices. He meanwhile says for those involved in the capital intensive building and construction industry have postponed projects because they cannot borrow money due to the high interest …

Museveni commissions $620million Uganda-China Free Zone

By Benjamin Jumbe. President Museveni has commissioned the Phase 1 of the Uganda-China (Guangdong) Free Zone of Industrial Cooperation. The event is to take place at the Sukulu Phosphate Comprehensive Industrial Development Project in Tororo. Uganda Free Zones Authority (UFZA) and a Chinese firm, Guangzhou DongSong Energy Group Company Limited recently signed a Memorandum of Understanding (MoU) to develop a Free Trade Zone in Sukulu, Tororo District. The Authority’s executive director Richard Jabo said the Agreement was important for Uganda, not only as a vehicle for technology transfer and knowledge spill-overs but also in manufacturing, and adding value to the country’s raw materials and increasing exports from Uganda. He said the facility when fully operational will provide jobs to many …

Speaker Kadaga calls for revival of cooperatives

By Moses Kyeyune The Speaker of Parliament Rebecca Kadaga has joined the quest for the restoration of cooperative unions as a measure to boost agro-produce while at the same time setting market prices for agricultural products. The Speaker was addressing the second Uganda Netherlands business convention in Amsterdam last evening where she said that only cooperatives will boost growth of Uganda’s agricultural sector. She says that during the days of cooperatives, the markets and payments were certain and that the country needs to go back to cooperatives. The Uganda Netherlands Business Convention was run under the theme ‘advancing agricultural value addition” and it attracted Ugandan based farmers, agriculture firms in the Netherlands, agricultural research institutions and Ugandan community in the …

URA explains banned sugar saga

By Tom Brian Angurini The Uganda Revenue Authority (URA) has refuted media reports that banned Kenyan sugar has been sneaked into Uganda. Addressing journalists in Kampala this afternoon, Vincent Seruma the Assistant Commissioner Public and Corporate affairs says the said shipment was from Kakira Sugar Works that had been sent to Mwanza, Tanzania but was slapped with a 25 percent tax prompting the exporters to ship it back. Seruma explains that the sugar consignment had to be shipped back to avoid incurring unplanned expenses and currently the 12,000 bags of sugar are being kept at the Jinja pier. He says the governments of Uganda and Tanzania are currently engaged in an inter-ministerial discussion on why Tanzania could slap such a …