Uganda Revenue Authority (URA) has today recognized Stanbic Bank for being among the top key tax payers in Uganda.
The recognition is in line with the Authority’s tax appreciation week set for September 26th to 28th that aims at paying accolades to every tax payer in Uganda who has paid their dues in time.
Stanbic is currently the highest tax payer in the banking sector and fourth highest overall having paid up to UGX 100 billion in taxes for financial year 2017/18.
Speaking while making a courtesy call at the bank headquarters in Kampala, Patrick Mukiibi, Ag. Commissioner General, URA praised Stanbic for serving as a role model by making on time tax declarations and payment.
“This month, we are having the Tax Appreciation week as a way of thanking all tax payers in the country and recognize those who have been faithful with payments. Stanbic bank has proved its commitment to the growth of this country not only by being compliant but also by helping us in collections. In 2017 alone, Stanbic collected UGX 3.8 Trillion in taxes on behalf of URA. This represents approximately 30% of our total revenue collections. We encourage all the other players in this economy to emulate Stanbic by coming forth, declaring and paying their taxes as we develop Uganda together,” he said.
While accepting the award, Stanbic Bank’s Chief Executive Patrick Mweheire said, “As a bank, we believe in playing our role in building a better tomorrow for the growth and development of Uganda’s economy. Paying taxes is a huge part of that agenda and we are glad to be among the top 5 highest tax payers.”
He further added, “As one of the Top 5 tax payers in Uganda, Stanbic Bank Uganda is proud to be in partnership with Uganda Revenue Authority in the 2018 Tax Appreciation week, themed “Stronger Together”, as it marks a significant step in encouraging Ugandans to continue to contribute to the growth and development of our nation.”
Stanbic is also playing a key role in supporting the growth of various key sectors but most especially with a key focus on SME’s who contribute greatly to the growth of the economy.
The bank recently introduced a SME Business Incubator that aims to help businesses upscale and gain better operational skills.
The facility provides these businesses access to industry and sector specialists, regulators, subject matter experts who can advise them on key requirements including how to pay taxes and other business advisory. Currently SMEs account for approximately 90% of the country’s private sector.
Ministry of trade data estimates the sector employs more than 2.5 million people, generates more than 80% of the country’s manufactured output and contributes 18% to the country’s Gross Domestic Product (GDP). By supporting the growth of SME’s, Stanbic is contributing to Uganda’s growth and their contribution to the country’s tax base as whole.