Category «Business»

Govt writes off shs 500b tax arrears for 34 companies

By Moses Kyeyune. The government has this evening secured Parliament approval to write off all unpaid taxes by Government as at June 30, 2019. The move that will benefit 34 companies comes out of government’s failure to honor its commitments to investors. The proposal to write off the tax debt was presented in the Tax Procedures Code (amendment) Bill 2019 that the House adopted following stiff debate with as section of legislators raising suspicion of possible collusion. David Bahati, the minister of State for Planning who led the defence, justified the decision on the lack of funds to pay off the taxes and the fact that Parliament has on several occasions blocked the taxes from being budgeted for. The Minister …

Ministry of Finance vows to ensure oil revenue benefits

By Juliet Nalwooga. Government has committed to continue putting in place frameworks that will ensure that Ugandans benefit from oil revenue. Presiding over the inauguration ceremony of the petroleum Investment Advisory Committee at ministry of finance head offices, the Finance minister Matia Kasaija vowed to protect the Ugandan shilling from depreciating at  the expense of foreign currencies. He added that the advisory committee headed by professor Samuel Sejaaka is one of the measures government is putting in place to mitigate economic challenges that arise from oil exploration The inauguration of the investment advisory committee is in fulfillment of the requirements for Section 67(2) of the Public Finance Management Act 2015.

Japan announces 7.5M $ assistance to Uganda

By Ben Jumbe. Ambassador of Japan to Uganda Kazuaki Kameda has strongly requested Uganda to put in place  effective preventive measures to check embezzlement of humanitarian assistance. The ambassador made the appeal while announcing a contribution of 7.5 million USD to five UN agencies, in Uganda including UNHCR, WFP, IOM, UNICEF and UNOPS. Ambassador Kameda said that accountability and transparency of the contributions to be provided for refugee and host community assistance was key, noting that such contributions should not be misused in any way . He however said introduction of the biometric registration across the country, is an encouraging sign to restore donor confidence expressing Japan’s  determination to continue supporting Uganda’s solidarity with refugees.

Stanbic Bank rebrands to Stanbic Bank Holdings Limited

By Ivan Ssenabulya. Stanbic Bank Uganda has been re-branded to Stanbic Bank Holdings Limited following registration and receipt of approval from Bank of Uganda and Capital Markets Authority. The announcement was made by Japheth Katto, the board chairman Stanbic Uganda Holdings Limited. He said the holding structure through the creation of new business subsidiaries will deliver several benefits including flexible services to customers.

MP asks Kampala traders not to pay rent

By Ritah Kemigisa. Traders at Nabukeera and Qualicel arcades have been asked not to pay any rent until the Attorney General pronounces the rightful owners of the two buildings. The Kampala Central Member of Parliament Muhammad Nsereko tells KFM that this is is the only way the confusion among the traders shall be stopped. The traders have for two days been protesting against what they call double rent payment following a directive from a one Yanga to pay five months worth of rent, already paid to the late Charles Muhangi, when he managed the said properties. Nsereko says the traders should start paying their own power bills moving forward and also promised to petition parliament on Tuesday next week for …