Category «Business»

Top 100 mid-sized company survey launched

Companies should look for more financial options other than commercial banks to set up shop. The Managing Director of National Social Security Fund, Richard Byarugaba says dependence on financial institutions for long term financing could cost companies longevity on the market. Speaking at the launch of the Top 100 mid-sized companies’ survey 2013 today, Byarugaba notes that most companies depend solely on banks yet options such as the stock exchange and bonds could go a long way in keeping companies afloat. The Top 100 mid-sized companies’ survey 2013, seeks to identify fast growing Small and Medium Enterprises in order to showcase business excellence. The Managing Director of Monitor Publications Ltd, Alex Asiimwe says over the years, companies that have been …

Pioneer Easy Bus given 30 more days

The Uganda Revenue Authority has given Pioneer Easy Bus Company another 30 days within which to pay the Shs.8 billion tax arrears. This has been revealed by the URA manager for debit collection Abdul Salaam Waiswa. He however does not explain the circumstances under which the decision was made. Meanwhile the tax body is also set to meet with the management of Nakivubo stadium tomorrow to agree on the way forward regarding its closure. The stadium was closed last week over tax arrears amounting to Shs.385 million.  

URA explains high fuel prices

The rising fuel prices have been explained. The Uganda Revenue Authority has blamed the trend on the deficit recorded in international trade taxes. Currently a liter of petrol goes for Shs.3,900 up from 3,800, while that of diesel goes for Sh.3,600 up from 3,400 last month, a trend that the sector players have blamed on the foreign exchange rate. Addressing a news conference this morning, URA’s spokesperson Sarah Banage said the shortage of fuel experienced during the pre and post-election period continues to impact on prices and revenues. She cites a deficit in international trade taxes registered during the month of February. Banage says reduction of import duty from petroleum led to a 90.2 % deficit on international trade taxes. …

Business back to normal:URA

Barely a week after the Kenyan elections, business is getting back to normal not only in Kenya, but the entire East African region. The Uganda Revenue Authority says it expects more fuel to be brought into the country today. This follows reports that 1.5 million liters of fuel was cleared by the authority to address the shortage that had allegedly been caused due to the uncertainty over Kenyan elections pushing the pump prices slightly higher. According to the Commissioner for Customs Richard Kamajugo, the 1.5 million liters is not enough to run the country hence need to clear more. He tells KFM, that they expect more 500,000 liters of fuel through Busia boarder today. Meanwhile, Kamajugo says they expect normal …

Traders sail through Kenyan polls

  Traders operating in Kenya didn’t encounter any major challenges during the just concluded elections. This is according to the spokesperson KACIITA, Isa Sekitto who says the traders were prepared in time for alternative routes and many used the southern route. Sekitto says that the Malaba boarder was also clear despite a few hiccups on the Election Day where clearing agents kept away. He says the association is already compiling a list of the few affected traders for intervention. The violence that erupted after the 2007 polls paralyzed business at the boarder with Kenya with the losses suffered by the traders estimated at close to a trillion Shillings.