Category «Business»

Local economists predict Brexit spillover

By Ritah Kemigisa Local economists are anticipating a spillover effect of Brexit to not only the global economy and trade, but on Uganda as well. This comes after the UK Prime Minister Theresa May the champion of Brexit announced that she would resign on 7th June. Brexit is the withdrawal of the United Kingdom from the European Union and it followed a 2016 referendum in which 51.9 per cent of those voting supported leaving the EU. Now Ramathan Goobi, a renowned economic analyst says the moment UK fails to manage the situation, there will be reduced foreign direct investments in Uganda because some partner states like China which bring in huge capital will be greatly affected.

No ban on Ugandan exports to Europe

By Benjamin Jumbe. Uganda Export Promotions Board is keen to maintain export markets and seek more markets for the country’s various exports. To achieve this, the board has strengthen trace ability through registration of all producers of fruits and vegetables for exports among others as part of efforts to ensure compliance to international sanitary standards especially in the horticulture sector . The Board’s executive director Dr Elly Twineyo says Interceptions of Uganda exports over standards have tremendously reduce further noting that there is no ban on Uganda’s exports to the European market. Ministry of agriculture last month put in place rigid and serious interventions to avert and protect the country’s export market including development and strengthening the online certification system …

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.