Uganda’s Finance minister, Mr Matia Kasaija, has refuted allegations of a plan by the government to start taxing cash withdrawals from banks. According to a February 9 letter written by Patrick Ocailip, the deputy secretary to the treasury in the Ministry of Finance directed to the Bank of Uganda Governor, the finance ministry is seeking…
The Minister of Finance Matia Kasaija is hunting for sh165bn to avail Parliament a budget for MPs motor vehicle allowances in the 11th Parliament. Divided by about 520 MPs, each is expected to pocket closet to sh320million in vehicle allowances. Minister Kasaija said that even if the 165 billion expenditure for cars is not yet funded,…
The Ministry of Finance has suspended any expenditure on this year’s Christmas and End of year parties because of increasing pressure on the economy. In a circular to all accounting officers of central and local governments, as well as state-owned enterprises and public corporations, the ministry’s permanent secretary/secretary to the treasury, said the suspension was…
Panic has engulfed the custodian board after it has emerged that Shs 15 billion was mysteriously withdrawn from the Departed Asians Property Custodian board accounts by the unknown persons. The development came after Members of Parliament on the committee Commissions, Statutory Authorities and State Enterprises (COSASE) discovered the missing monies and quizzed Ministry of Finance…
Ministry of finance, planning and economic development Permanent Secretary Keith Muhakanizi has revealed that the Ministry has secured the 35 billion shillings required by the Ministry of health to procure the masks. He said the only challenge is the capacity to make the masks in the required time frame . Mr.Muhakanizi added that Government will…
The President of Uganda Gen. Yoweri Kaguta Museveni has endorsed a request by the Ministry of Finance to borrow up to USD500M to recapitalize Bank of Uganda (BoU) and Uganda Development Bank (UDB), following the effects of Coronavirus (COVID-19) on Uganda’s economy. The money, according to credible sources, will come from the International Monetary Fund…
By Our Reporter Following our breaking story to the Energy Mafia series, that was taken on by various media houses thereafter, our news team has obtained information from the Ministry of Energy and Mineral Development that speaks of total distress among the two Ministers of Energy – Cabinet Minister Hon. Dr. Mary Goretti Kituttu, her…
As a way of mitigating the disastrous effects of the Coronavirus (COVID-19) lockdown on the economy and several business ventures, the Bank of Uganda has directed all commercial banks and supervised financial institutions to suspend repayment of loans for 12 months. The Central Bank announced credit relief measures to help mitigate the adverse effects of…
The management of Meera Investments Limited has petitioned finance minister opposing some of clauses in the proposed Tax Amendments Bill, 2020. The Ministry of Finance, Planning and Economic Development tabled before Parliament five bills, which include; Excise Duty Amendment bill 2020, Value Added Tax bill 2020, Income Tax Amendment bill 2020, Stamp Duty Amendment Bill…
Coronavirus has brought the county’s tourism and hotel industry sector to its knees. Tourist cancellations have reached 100 per cent due to the pandemic and within weeks, various hotels have turned into white elephants, making back-to-back losses. After the government confirmed 14 coronavirus cases, the situation went from bad to worse, forcing investors to ask…
