President Yoweri Museveni on Sunday appointed John Musinguzi Rujoki (pictured) as the new Commissioner General of Uganda Revenue Authority (URA) with immediate effect. Musinguzi replaces Doris Akol who has had stellar performance at URA for the last five years. Akol grew revenue collections from Shs9.9 trillion in 2014/15 to Shs16.6
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The World Tourism Organization (UNWTO) has released its updated assessment of the likely impact of the COVID-19 on international tourism. Taking into account the unparalleled introduction of travel restrictions across the world, the United Nations specialized agency for tourism expects that international tourist arrivals will be down by 20% to
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Ecobank Uganda has received two prestigious International Organization for Standardization (ISO) certificates, Business Focus reports. These ISO certifications from the British Standards Institution (BSI) give Ecobank Uganda a competitive advantage and publicly demonstrate the bank’s legal and regulatory compliance and commitment to the prevention or reduction of large-scale process disruptions
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The Bank of Uganda (BoU) has ordered commercial banks to defer dividends and bonuses in light of the COVID-19 impact on the economy, Business Focus has exclusively learnt. This is aimed at keeping financial institutions liquid and the economy afloat during this difficult period. This means that shareholders are likely
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After a turbulent week, the local currency recouped some of its losses on account of receding dollar demand rising hopes that a torrent of selling risk assets may have run its course. The shilling pulled back, crossing the support level of 3900, to trade at 3870/3880 at the close of
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Stanbic Bank posted an impressive Shs259bn Profit After Tax in 2019, up from Shs215bn recorded in 2018. This represents an increment of 20%. Patrick Mweheire (pictured), who was the Chief Executive for both Stanbic Uganda Holdings and Stanbic Bank Uganda (SBU) for 2019, also saw loans advanced to customers increase
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In recognition of the current situation regarding the impact of COVID-19 on the businesses community and Uganda Revenue Authority (URA) services, it is essential that all Ugandans adhere to the Guidelines issued by President Yoweri Museveni and the Ministry of Health to prevent the spread of the Virus. To ensure
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The Uganda shilling continues to post significant losses as market swings into a panic mode driven by the uncertainty over the potential economic fallout of the Corona pandemic. On Tuesday March 24, 2020, Bank of Uganda (BoU) quoted the local unit trading at 3893.33/3903.33 against the US dollar. "The local
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The Government of Uganda is set to borrow about Shs720bn as the economy struggles in the face of the COVID-19 aka Coronavirus pandemic. According to Matia Kasaija, the Minister of Finance, Planning and Economic Development, Uganda Revenue Authority’s revenue collections will register an additional shortfall of about Shs82.4 billion for
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The Uganda Government has revealed that the projection for economic growth in FY2019/20 has been revised downwards from 6.0 percent to between 5.2 -5.7 percent depending on the severity of the COVID-19 impact on Uganda. This is contained in a statement on the economic impact of COVID-19 on Uganda presented
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