Business

Shareholders will now not be able to vote on resolutions such as dividend payments, changes to directorships, approval of accounts within stipulated timeframe Kampala, Uganda | ISAAC KHISA | Uganda’s listed firms had big plans for their annual shareholders meeting (AGM) starting next month, giving opportunities to their owners and …

Kampala, Uganda |  THE INDEPENDENT |  Ugandans and foreigners investing in factories to make tyres, shoes, mattresses, and toothpaste will be exempted from paying income tax retrospectively starting July 2019. This is contained in the income tax (amendment) bill 2020.  The amendment expands the list of businesses that enjoy this incentive …

Kampala, Uganda |  THE INDEPENDENT |   Nakawa Market has started processing Identity Cards for all market vendors as one of the measures to heighten security and reduce crime in the market.  The Market chairman Christopher Okuni says that the measure will mainly protect vendors who spend the night in the …

Kampala, Uganda |  THE INDEPENDENT |  Nile Breweries Limited-Uganda says its contribution to the national tax purse could fall significantly as the coronavirus lockdown disrupts alcohol transportation and sales. Nile Breweries Limited paid 394 billion Shillings in taxes in the 2018/19 financial year, one of the highest pay by a single …

Kampala, Uganda | THE INDEPENDENT | Abbavater, the agency managing public relations and communication for Uganda Airlines has been accused of nonpayment of staff despite constant appeals. Abbavater has been Uganda Airlines brand and communications agency since April 2019, when the airline was officially launched and brought in the first …

Washington, United States | AFP | The growing use of export restrictions by governments can be “dangerously counterproductive” as the world deals with the coronavirus pandemic, the IMF and WTO warned Friday. The two institutions called on global leaders to commit to refrain from imposing or tightening controls on product sales, as they did at …

  Kampala, Uganda | THE INDEPENDENT | Centenary bank has announced a 45% increase in after-tax profits to 155.9 billion shillings making it the second most profitable bank in the country after Stanbic Bank. In 2018, the Catholic Church-owned institution made 107 billion shillings in net profit. The financial results …

Kampala, Uganda | THE INDEPENDENT | High Court has nullified the advertising rates and fees imposed by Kampala Capital City Authority-KCCA on outdoor advertisers, saying they are illegal and unlawful. The judgment stems from an application filed by the National Outdoor Advertising Contractor’s Association Limited protesting the levies introduced by …

Dr. Mary Goretti Kitutu, the Minister of Energy and Mineral Development noted in a short statement released yesterday that:  “The agreement is a significant milestone in Uganda’s oil and gas sector and is a critical development that takes the sector towards the final investment decision (FID) that the country is …

London, United Kingdom | AFP | Oil prices made a spectacular comeback Thursday as fresh US-Iran tensions erupted while equities were slow to build on recent gains as data provided proof of a dire economic fallout from the coronavirus pandemic. At one point the US crude oil benchmark WTI was up …