Tag Archives: tax

Kampala, Uganda | THE INDEPENDENT | The Minister of State for Finance (General Duties) Henry Musasizi, has defended the proposal to impose a 5% tax on the gross income earned by international digital companies in Uganda. Musasizi alongside other officials from the Ministry of Finance appeared before Parliament’s Finance Committee …

Players warn that the move could discourage the growing savings culture Kampala, Uganda | JULIUS BUSINGE | Over the past few years, Uganda started experiencing a surge in the local population, especially youth interested in saving, growing their capital for future investments through the Unit Trust Funds. This is because Unit …

Kampala, Uganda | THE INDEPENDENT | PostBank has announced its financial results with a 19% increase in net profit for the year ended December 31st, 2022. The state-owned bank reported a net profit of UGX. 15.1 billion, a solid year-over-year growth of 19.3% up from the UGX. 12.2 billion net profit …

Arua, Uganda | THE INDEPENDENT |   Arua Central Division Council has proposed to levy an annual fee of 12,000 Shillings on Boda Boda operators. This is part of the local revenue enhancement measures for the next financial year. The new tax proposal is contained in the draft budget estimates of …

The tax authority collected Shs11.6tn in the six months, recording a Shs95bn shortfall   Kampala, Uganda | JULIUS BUSINGE | Uganda Revenue Authority collected Shs11.6trillion against the target of Shs11.7tn for the first six months of the financial year 2022/23 – representing 46.4% of the annual target. URA’s Commissioner General John Rujoki …

Windhoek, Nambia | Xinhua | Namibia’s Ministry of Finance and Public Enterprises has announced that the Value Added Tax (VAT) Amendment Act, 2022 will come into effect on Jan. 1, 2023. The amendments to the Act include the reclassification of the supply of sanitary pads as a zero-rated supply, said Wilson Shikoto, …

But it reported revenue shortfall in withholding tax, temporary road license and export levy | THE INDEPENDENT | Uganda Revenue Authority collected net revenue amounting to Shs5.4trillion against a target of Shs5.1trillion for the three months ending September 30, representing a Shs286billion surplus. This represents a 105.58% improved performance and …

Bukomansimbi, Uganda | THE INDEPENDENT | The government’s decision to directly charge coffee factories has upset coffee processors in Bukomansimbi district, who say it is likely going to force them out of business. In the 2018/19 budget framework, the government introduced a one percent direct tax on coffee buyers and …

Finance ministry expects the tax agency to collect Shs22.3trillion in FY2021/22 Kampala, Uganda | JULIUS BUSINGE | Total tax collections for the nine months of FY2021/22 increased by Shs 1.4 trillion to Shs 15.4trillion compared to the same period last financial year, but fell short of the Shs16.5trillion target. The …

Kampala, Uganda | THE INDEPENDENT | Parliament on Wednesday passed the Excise Duty (Amendment), 2022, but rejected a proposal seeking to reduce tax on fuel. The proposal was carried in a minority report presented by Kampala Central MP, Muhammad Nsereko. Nsereko proposed that the excise duty on motor-spirit gasoline which …