Business

Kampala, Uganda | THE INDEPENDENT | Parliament on Tuesday afternoon voted to approve a government request to borrow sh2.43 trillion to finance a budget shortfall realized a few months into the current financial year 2019/2020. This followed a heated debate on the report by Parliament’s National Economy Committee that recommended …

Kampala, Uganda | THE INDEPENDENT | Uganda’s public debt has grown to Uganda shillings 46 trillion (USD12.5bn) as at the end of June 2019 up from Shs 39 trillion (USD10.7bn) in June 2018, according to the latest Ministry of Finance report. This raises the share public debt from 34.8% of …

Kampala, Uganda | THE INDEPENDENT | URA boss Doris Akol says fewer rich people using mobile money has cost her tax revenue Uganda Revenue Authority has decried the shift of high value Ugandans from using mobile money services to agency banking, which has cost the country tax revenue. Doris Akol, …

Kampala, Uganda | THE INDEPENDENT | There was panic and fear in Kikulu zone in Kikaya-Kisasi in Kawempe North on Saturday night following multiple explosions of gas cylinders. Locals told Uganda Radio Network (URN) that they heard a loud bang followed by ablaze that engulfed the entire structure that housed the …

Kampala, Uganda  | THE INDEPENDENT | The Speaker of Parliament Rebecca Kadaga has revealed that she is frustrated by the Ministry of Finance for failing to finance the Tree Fund enacted under the National Forestry and Tree Planting Act, 2003. Kadaga says that it is sickening that 16 years after …

  Kampala, Uganda  | THE INDEPENDENT | The African Export-Import Bank (Afreximbank) has announced a roadshow in Kigali to show the Rwandan private sector how it can become a primary beneficiary of the African Continental Free Trade Area (AfCFTA) which will provide significant opportunities to access the largely untapped markets and …

Nimule, Uganda  | THE INDEPENDENT |  The One-Stop Border Post (OSBP) at Nimule international cross border town has been opened to boost efficient trade between Uganda and South Sudan. The US$ 5 million, approximately 18.3 million Uganda Shillings’ facility was on Thursday handed over to the Government of South Sudan by …

Kampala, Uganda  | THE INDEPENDENT |  Uganda is set to lose more than 500 billion  Shillings in tax waivers during the 2019/2020 financial year alone, the Uganda Revenue Authority has indicated. A tax waiver is when a company or an individual engaged in a certain activity where they are supposed to …

Kampala, Uganda  | THE INDEPENDENT |  The International Monetary Fund-IMF has slashed Uganda’s growth projection from 6.3% to 6% this year, citing the country’s challenges to get oil out of the ground and government’s inability to do all budgeted activities.  After assessing the economy, the IMF said Uganda had challenges to …

Kampala, Uganda | THE INDEPENDENT  | Lilly Ajarova, the Chief Executive Officer of Uganda Tourism Board (UTB) has told delegates to the ongoing 2020 Pearl of Africa Tourism Expo (POATE) that Uganda is full of abundant tourism opportunities characterised by the richest tourism attractions portfolio, best value for money for investors …