Tag Archives: tax

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …