Category «Business»

KCCA budget finally read

The budget for the Kampala Capital City Authority for the financial year 2012/2013 has finally been presented, showing a reduction in government funding. Funding from government is to reduce from  Shs101b to Shs 86 billion. The city Executive Director Jenipher Musisi says the authority expects to raise Shs 61b in local revenues, up from the target of Shs 44.5b that was set this year. Musisi acknowledges that the target set for revenue collection is too high since the authority failed to hit its mark this year. She says new measures are being put in place to increase revenue collection including increased sensitization of the public on tax compliance. The priorities for the financial year include improving efficiency and the image …

URA Collections below target

The Uganda revenue authority continues to register shortfalls in revenue collection. The latest is an over 22 billion shilling shortfall registered in May 2012. There was optimism after the tax body reduced its cumulative shortfall from Shs71 billion to Shs14 billion in the first half of the financial year. However, the authority registered overall net revenue collections of 499 billion shillings against a target 521 billion shillings, posting a deficit of 22.1 billion shillings. The tax body also registered a deficit in domestic taxes with a 24.39 billion shilling collection against a target of 261.39 billion shillings, posting a12 billion shilling deficit. Releasing the authority’s performance for the month of May, the URA Commissioner General Allen Kagina attributed the trend …

Ugandan at helm of Tullow Oil

Tullow Oil Uganda has appointed Jimmy Mugerwa as the General Manager. Mugerwa who officially assumes his new position on October 1st, brings almost 20 years of experience in managing large and diverse international teams within the energy sector. He joins Tullow Uganda from Shell’s East Africa Business where he has been General Manager Sales and Operations, and Shell Kenya country manager, a position he held since October 2009. Mugerwa has also held a number of managerial positions within Shell’s business across Ghana, South Africa, Kenya, Uganda and the Netherlands. And for the last two years, Mugerwa has also chaired the Kenya Oil industry’s CEO’s supply coordination team which manages the relationship with the gov’t, in particular the ministry of energy. …

Terry Kahuma fights interdiction

Interdicted Uganda National Bureau of Standards Boss Terry Kahuma has gone to court, challenging his dismissal from office. Kahuma says the investigations on which his sucking was based were illegal and wants to be reinstated into his office. In the petition filed before court, Kahuma accuses Trade Minister Amelia Kyambadde, of having unlawfully instituted a probe into the affairs of UNBS, leading to his dismissal. Kahuma was interdicted after 10 years of service as the standards bureau’s executive director, over reported insubordination and working against the interests of UNBS. He says the findings of the probe are not in anyway linked to the reasons given for interdiction. Through his lawyers of Muwema Mugerwa Advocates, Kahuma also says he was condemned …

BOU returns Libyan assets

The Governor of Bank of Uganda Prof. Emmanuel Tumusiime Mutebile has today returned Tropical Bank Uganda Ltd to its majority shareholders of the Libyan foreign bank. The Central Bank took over the management of the bank following a UN Security Council resolution, which imposed a freeze on all assets of the Libyan government. The freeze was imposed at the height of political instability in the country, which saw its former President Col Muammar Gaddafi overthrown and killed. The Central Bank Governor Prof. Emmanuel Mutebile says, the bank has been operating in a safe and sound manner under the guardianship of Bank of Uganda. While handing over the bank to its Chairman of the Board of directors Gerald Sendawula, Mutebile revealed …