Daily Monitor
Tuesday February 16 2021
Customers observe social distancing in a banking hall. Government is proposing a 0.5 per cent tax on cash withdrawals in the next financial year to raise revenue for the economy. The move has been rejected by the already burdened taxpayers. PHOTO/KELVIN Atuhaire
Summary
The proposed 0.5 per cent tax on cash withdrawals discourages people from making deposits and forces those who get paid in the bank to withdraw all their cash and keep it
Christine Kasemiire & Dorothy Nakaweesi write.
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#Rejecttheunjusttax; a harsh tag where like-minded Ugandans raised concerns about the tax proposal that government through Ministry of Finance had hatched, garnered more than 4,000 tweets last week.
The East African
Wednesday February 10 2021
Banana traders at the outdoor market in Nakawa, Kampala. Uganda’s debt servicing burden continues to rise. FILE PHOTO | NMG
Summary
The country’s budget is projected at $12.38 billion, of which $5.66 billion will go to debt servicing, against total domestic revenue that is projected at only $5.88 billion.
The debt servicing burden continues to rise and government officials say the extra borrowing is necessitated by the need to cover for both the revenue shortfalls and the Covid-19-related expenditure needs.
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Uganda will spend a bulk of its domestic revenue on debt servicing in the next financial year as the country works to resuscitate its Covid-19 battered economy.
Daily Monitor
Wednesday February 03 2021
This handout photo shows people on a street in Kampala. The level of compliance with gender and equity requirements of the National Budget Framework Paper is still lacking. PHOTO/COURTESY/SHUTTERSTOCK.
Summary
However, all the 18 programmes which were assessed passed and are recommended to be issued a certificate of gender and equity compliance in accordance with Section 9 (6) of the Public Finance Management Act.
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At least 10 government programmes under ministries, departments, and agencies (MDAs) have failed the gender and equity compliance test in the budget framework paper (BFP) for the Financial Year 2021/2022.
This was revealed by the Equal Opportunity Commission (EOC), a constitutional body established by the Equal Opportunities Commission Act, No. 2 of 2007 (EOC Act) “to give effect to the State’s constitutional mandate to eliminate discrimination and inequalities against any individual or group of persons
Daily Monitor
Monday February 01 2021
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KAMPALA- Uganda’s debt servicing obligations will in the next financial year take nearly 80 per cent of the country’s total tax revenue, according to the National Budget Framework Paper approved by Parliament.
The total resource envelope is projected at Shs45.65t for the 2021/2022 budget, of which Shs20.9 trillion will go to debt servicing, against total domestic revenue that is projected at only Shs21.69t.
The paper says debt servicing includes debt and interest repayment, with the latter projected to amount to Shs4.96t in the next financial year, of which Shs3.85trillion is expected to cover domestic interest payments which Shs1.11 trillion will cater for foreign interest payments and commitment fees.
Daily Monitor
Thursday January 28 2021
A SafeBoda rider sets off to deliver goods from the market to a customer during the lockdown. In the Budget Framework Paper for 2021/22 Financial Year, government seeks to sustain economic recovery from the impact of Covid-19, while maintaining the momentum towards achieving Vision 2040. PHOTO | RACHEL MABALA
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Government projects economic growth to recover to 5 per cent in the 2021/22 financial year.
The growth is expected to be attained through strategic interventions, which will mainly focus on increasing economic productivity.
The interventions, according to the 2021/22 National Budget Framework Paper, will mainly seek to increase household incomes and quality of life.