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Business & Finance

MPs demand status reports of defunct banks

MPs demand status reports of defunct banks

Members of Parliament sitting on the Committee Commissions, Statutory Authorities and State Enterprises have demanded liquidation and non-performing assets status reports of the defunct banks. The five defunct banks include Cooperative bank, Green land bank, International credit bank, Global trust bank and National bank of commerce. The committee chaired by Abdul Katuntu noted that although […]

MPS accuse URA officials of connivance with new sugar factories to evade taxes

MPS accuse URA officials of connivance with new sugar factories to evade taxes

Members of Parliament sitting on the Parliamentary Committee of Trade and Industry have accused some Uganda Revenue Authority (URA) whom they say connive with some new sugar factories to help them evade taxes. The Committee Chaired by the  MP for Fort Portal Municipality, Alex Ruhunda, while interfacing with the officials from the URA and Uganda […]

Mutebile disagrees with Uganda’s BUBU campaign saying its a risky protectionist policy

Mutebile disagrees with Uganda’s BUBU campaign saying its a risky protectionist policy

Bank of Uganda Governor, Emmanuel Tumusiime Mutebile, has once again come out to reject government’s policy commonly referred to as Buy Uganda Build Uganda (BUBU) saying the country risks jeopardizing its success in exporting to regional markets through such protectionist trade policies. Mutebile said this in a speech read on his behalf at the ongoing […]

Uganda’s coffee production increases over the past one year

Uganda’s coffee production increases over the past one year

The Uganda Coffee Development Authority (UCDA) has revealed that the production of coffee in the country has drastically increased over the past one year. Addressing journalists at the media center ahead of the country’s first coffee competition auction, the Director Quality and Regulatory Services at the Authority, Edmund Kananura, said last year alone over 4.3M […]

Tax expert cautions government against incentives to investors

Tax expert cautions government against incentives to investors

Government has been challenged to create a clear framework to manage foreign direct investments in the country rather than do away with tax incentives to potential investors. According to an international tax expert, Logan Wort, tax incentives given to investors are wasteful because they make the country lose more revenue, thus crippling the economy. However, […]

MTN to switchoff subscribers before official August 30th deadline as 700,000 simcards remain unregistered

MTN to switchoff subscribers before official August 30th deadline as 700,000 simcards remain unregistered

MTN has revealed that it will switch off unregistered customers even before the government’s deadline of 30th August 2017. The announcement comes as the deadline for simcard registration extended by government in April this year clocks down to only 9 days. This was revealed by the MTN chief executive officer, Mr.Wim Vanhelleputte, while appearing before […]

Ugandan Bank clients want government audits into the Central and Commercial Banks

Ugandan Bank clients want government audits into the Central and Commercial Banks

Bank clients in Uganda have called upon government to set up an independent body to conduct a special audit into the operations of the Central Bank and the commercial banks in the country. The call has been made by the chairperson of the Bank Customers’ Rights Protection Organisation, Nabunya Ntege at a time the central […]

Sugar manufacturers want tough laws for competitors in unrecommended areas

Sugar manufacturers want tough laws for competitors in unrecommended areas

Sugar companies under the their umbrella group the Uganda Sugar Manufacturers Association (USMA) have petitioned Parliament put stringent measures on the sugar bill with a tough clause barring sugar factories away from unrecomended areas. The sugar companies members were appearing before the Parliamentary Committee on Trade, Tourism and Industry chaired by the MP for Fort […]

URA says revenue targets for financial year 2017/18 challenging

URA says revenue targets for financial year 2017/18 challenging

The Uganda Revenue Authority (URA) has described this financial years revenue collection target is stretching and ambitious. In the 2017-2018 budgets the URA is expected to collect 15 trillion on assumptions over 6% GDP growth, stable inflation rate, increasing private sector credit growth above the current 4.4% and others. Speaking to media today, Doris Akol, […]

Standard Chartered Bank re-launches its services

Standard Chartered Bank re-launches its services

Standard Chartered Bank has  re-launched some of its services to enable its clients access financial solutions with ease. Some of the services re-launched include visa infinite debit card usage and advising the customers on their wealth and property management. The Head of Retail Banking, Israel Arinaitwe, says that  the visa infinite debit card offers complementary access to over […]

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