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Daily Monitor Thursday April 15 2021 The Minister of Finance, Mr Matia Kasaija (right), and other finance officials appear before the Finance Committee of Parliament yesterday. PHOTO | ALEX ESAGALA Summary In the next financial year, Finance minister Matia Kasaija wants to pick Shs200b from the Oil Fund/ Petroleum Fund to finance spending pressures. Advertisement The Ministry of Finance officials yesterday presented details on sources of revenue for the Shs41.2 trillion Budget for the Financial Year 2021/2022. In the next financial year, Finance minister Matia Kasaija wants to pick Shs200b fr...

Daily Monitor Thursday April 15 2021 Summary But MPs on the Finance Committee asked Finance minister Matia Kasaija why UDB was lending the money to city businessmen instead of lending it to manufacturers in agro-business sector, private schools and hospitals that were hit badly by Covid-19. Advertisement Officials from the Ministry of Finance yesterday came under fire from lawmakers who are investigating alleged misallocation of Shs500b Covid-19 stimulus package. The money in question was channelled through the Uganda Development Bank (UDB) for access in form of loans to the private sector. B...

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. Advertisement #Rejecttheunjusttax; a harsh tag where like-minded Ugan...

Tax

Taxing bank withdrawals will be harmful to economy - BoU    Friday February 12 2021 It is not yet clear how government will seek to go about this but sources within the Ministry of Finance say there is a proposal to introduce a 0.5 per cent levy on each bank cash withdrawal. PHOTO | FILE Advertisement Taxing cash withdrawals from banks will be detrimental to the economy, Bank of Uganda has said.  This comes in the wake of a February 9 letter in which government is seeking guidance on a proposal imposing a tax on bank withdrawals.  In a response to emailed questions yesterday, Dr Adam Mugu...