Browsing: Ministry Of Finance

“Tax on Withdrawal of Money From Banks? I am Hearing This For the First Time’-Min. Kasaija Denies Own Letter As Netizens Roar

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…

A Pleasant Welcome Of Shs 300m Awaits Each Freshly Elected & Re-elected Member Of Uganda’s Parliament Amidst Covid-19 Economic Hardship

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,…

Covid-19 Crisis: Gov’t Expenditure On End Of Year Festivities Suspended

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…

On Spot: Asians Custodian Board Under Probe As Over 15 Billions Go Missing From Account

Panic has engulfed the custodian board after it has emerged that Shs 15 billion was mysteriously withdrawn from the Departed Asians Property Custodian board accounts by the unknown persons.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…

Broke BoU To Borrow USD500M For Recapitalization

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…

The Bill Is Inequitable! Meera Investments Petition Finance Min. Over 2020 Proposed Tax Amendments

 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…