Category «Business»

URA registers a Sh7 bn surplus in July

The Uganda Revenue Authority says it’s on track to meet its target for this financial year. This is sweet music to government which plans to fund the 80.1% of the national budget using local revenue. The latest figures of the monthly revenue collections indicate that the net revenue collections for July were Sh.599 billion against a target of Sh.592 billion, posting a surplus of over Sh 7 billion. The Commissioner for Domestic taxes Henry Saka also revealed that they have managed to attract new tax payers totaling to 12,452 representing 5 percent growth.

Registered telecom subscribers reassured

Telecom subscribers who have registered but have not received confirmation messages will not be switched off. This is the message from telecom companies in relation to the ongoing sim card registration exercise. This follows complaints by some subscribers that despite efforts taken to register several times, they have not received messages confirming their status However, Pheona Wall the spokesperson one of the players Airtel and Warid Telecom says sometimes it depends on where one registers from. She says people who register with agents could take longer to get conformation messages because of the time taken to submit their papers to head offices compared to those who register at the head office She however notes that such people will not be …

Karuma Hydro power project launched

Consumptive economies cannot fast track development in a country. President Yoweri Museveni says Uganda continues to lag behind due to focus on consumptive budgeting in the short run limiting funds towards economic development. Speaking at the ground breaking ceremony forthe 600 MW Karuma Hydro power plant, President Museveni said government has been able to cut down on unnecessary expenditures in the electricity sector for long term investment. He reveals that government is going to partner with Sinohydro Corporation to procure 85% funding, with a soft loan from the Exim Bank of China and the Uganda Government will provide the remaining 15%. Two other Chinese companies, Gezhouba and China International Water and Electric Corporation will similarly take on Ayago and Isimba …

Cabinet okays introduction of Islamic Banking

Government has given a green light for the introduction of Islamic Banking. This has been revealed by the Minister for Information and National Guidance Rose Namayanja while addressing the media this morning. She said that since the current regulatory regime does not permit financial institutions to engage in Islamic banking, cabinet has authorized the finance minister to fast track the proposed amendments to the Financial Institutions Act, 2004. It seeks to among other things; permit the licensing of, and transacting by financial institutions in Islamic banking in Uganda. Namayanja says this amendment will increase the depth, breadth and range of financial products for customers. She says this type of banking will also enable customers easily access credit since it is …

Central Bank governor predicts tough times

Central Bank Governor Tumusiime Mutebile

The Central Bank has predicted tough times ahead in terms of food prices. The Governor Bank of Uganda Emmanuel Mutebile says effects of the dry spell are expected to further push up food prices in the next three months. A rise in prices of food and other commodities in different parts of the country have pushed the inflation rate to 5.1% up from 3.6% percent, according to the Uganda Bureau of Statistics. Mutebile says inflation is likely to increase slightly in the next three to six months largely driven by the effects of drought on domestic food production and prices. He also said that oil prices are likely to increase because of the geopolitical factors in the Middle East and …