But directors have recommended a dividend of Shs2.5 per share payable in September this year which is higher than Shs2 per share paid last year. Kampala, Uganda | JULIUS BUSINGE | Pharmaceutical manufacturing company Cipla Quality Chemical Industries Limited has reported a 21% decline in profit after tax from Shs24bn in …
Read More »MTN fights mobile money tax, pays UGX123bn in dividends
Kampala, Uganda | THE INDEPENDENT | MTN Uganda Group has called for a review of the taxation policy for digital money transitions, specifically the levy on the withdrawal of cash at mobile money agents. In 2018, the government introduced four levies on digital services including mobile money transactions, causing a public …
Read More »Now, Govt to challenge court order on gold tax after MPs query
Kampala, Uganda | THE INDEPENDENT | Following pressure from the House, the Attorney General has revealed that government will challenge the interim orders exempting payment of taxes on gold exports. Kiryowa Kiwanuka made the disclosure while responding to concerns raised by legislators on a waiver issued by the Ministry of …
Read More »MTN Uganda Q1 profit after tax increases 20% to Shs 120.6bn
The company expects to experience an increase in capital expenditure owed to sustained investment to boost growth Kampala, Uganda | THE INDEPENDENT | MTN Uganda has announced a 20% growth in profit after tax for the first quarter of this financial year to Shs 120.6bn and said it maintains a full-year …
Read More »New law to impose 30 per cent tax on betting
Kampala, Uganda | THE INDEPENDENT | Parliament has passed the Lotteries and Gaming (Amendment) Bill, 2023 that will revise the existing tax of 20 per cent under the existing law to 30 per cent for a gaming activity. Clause 48(1) of the Lotteries and Gaming Act, 2016 states that ‘an …
Read More »MPs approve tax on diapers
Kampala, Uganda | THE INDEPENDENT | Legislators approved a tax on diapers and rejected a proposal to exempt payment of taxes on adult diapers. This was contained in the Value Added Tax (Amendment) Bill, 2023 which the lawmakers passed on Thursday, 04 May 2023. The Bill proposed an exemption on payment …
Read More »Mobile TV App boosts data usage as MTN subscribers hit 17.8m
Kampala, Uganda | THE INDEPENDENT | MTN Uganda’s income tax paid to the government increased to 48.1 billion Shillings in the first quarter of this year, as the network’s subscriber base jumped to 17 million. In the same quarter (January to March) 2022, the company paid 43.2 billion Shillings, amidst …
Read More »India collects record high monthly tax in April
New Delhi, India | XINHUA | Indian government’s revenue through gross Goods and Services Tax (GST) collected in a single month touched the highest ever figure of 1.87 trillion Indian Rupees (22.88 billion U.S. dollars) in April, announced the federal Ministry of Finance on Monday. The federal government introduced the …
Read More »Parliament to investigate energy minister over sh573 billion gold tax waiver
Kampala, Uganda | THE INDEPENDENT | Parliament has resolved to investigate the circumstances under, which the Minister of Energy and Minerals waived tax payment of sh573 billion in gold exports. The motion, moved by the Leader of Opposition (LOP), Mathias Mpuuga on Tuesday, called for the formation of a select …
Read More »URA rallies Kasese business community on voluntary tax disclosure
Kasese, Uganda | THE NDEPENDENT | The Uganda Revenue Authority-URA is rallying the business community in Kasese to utilize the voluntary tax disclosure program in order to meet their target obligations. Under the Voluntary Disclosure process, a taxpayer discloses information relating to tax liabilities, omissions, or misstatements and declarations to Uganda …
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