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Revealed: Aya, 14 Other Top Companies Get Tax Holidays

A top investor in Uganda accused of sexually assaulting an employee is set to get tax holidays, Business Focus.

After bringing down State Minister for Labour, Employment and Industrial Relations, Herbert Kabafunzaki, through a corruption scandal, Mohammed Hamid, the Proprietor of Aya Investments (U) Ltd must be all similes following the news that his company (Aya Investments) is one of the 15 companies lined up to benefit from  tax holidays in 2017/18 National Budget.

Hamid is also the boss at Aya Group, the proprietors of the Hilton Hotel in Kampala.

It should be noted that one of his former employees alleges that he sexually harassed and molested her before she was summarily sacked last year, prompting her to take up the matter with the police.

Kabafunzaki was a fortnight ago arrested allegedly receiving a Shs30 million bribe from the businessman in order to ‘kill’ the case.

Appearing before Parliament’s  Budget Committee to present the Ministerial Policy Statements for 2017/18 National Budget on Tuesday, David Bahati, the State Minister of Finance for Planning in the Cabinet of Uganda, said the Government of Uganda is pursuing measures to attract foreign investments that will create jobs, add value to local raw materials, promote exports that will generate foreign exchange and ensure self-reliance by minimising imports.

“In a bid to incentivize strategic and critical investors and shareholders, it has been government policy to relive taxpayers investing in strategic sectors of taxes through the budget. Funds have been provided under my ministry for this expenditure for the FY2017/18,” Bahati told MPs.

Government has apparently provided Shs77bn to cater for the taxes the companies that will benefit from the tax holidays would have paid.

Minister Bahati (L) and other officials from Ministry of Finance meeting lawmakers on Tuesday

Other Companies

Apart from Aya Investments,   other companies that will be granted tax relief in 2017/18, according to Bahati include Roofings and Rolling Mills Ltd (under one management and ownership), Steel And Tube Industries, Quality Chemicals Uganda Ltd, Vinci Coffee Company Ltd, BIDCO Uganda Ltd & Oil Palm Uganda Ltd (under same ownership), Southern Range Nyanza Industries: Picfare Industries Ltd and South Range Textiles Ltd (NYTIL-Freedum Clothing) and International Cooperation and Development.

The others are Emmaus Foundation, All Nations Christian Care, AVSI Foundation, National Cement Company Ltd, Fine Spinners Ltd,  Guangzhour Dongsong Energy Group (U) Co Ltd (The Sukulu Project) and Bujagali Energy Ltd.

It is worth noting that some of the companies on this list were seeking government bailout last year after they became financially distressed.

 

 

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Taddewo William Senyonyi
https://www.facebook.com/senyonyi.taddewo
William is a seasoned business and finance journalist. He is also an agripreneur and a coffee enthusiast.

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