A year later, SMEs still await stimulus
Tuesday April 06 2021
Closed shops in Kampala after the country recorded the first case of coronavirus in March. Businesses were ground to a standstill to limit the spread of the virus. PHOTO/Rachel Mabala
Summary
Economy limps. Since March 11, 2020 when Uganda reported the first case of Covid-19, several businesses and the economy suffered the wrath of the pandemic. But where is the stimulus package to help businesses bounce back?
Advertisement
Despite the ongoing Covid-19 vaccination programme a year after the pandemic took its toll on businesses, there is a consensus among most economists that the economy is not out of the woods yet.
The Ministry of Health Permanent Secretary Dr. Diana Atwine has asked the eligible sections of the population that have already been identified to access the vaccine to respect the government’s call and ensure that they get vaccinated.
Dr. Atwine was receiving a donation of PCR coronavirus test machines worth over Shs1bn from the Private Sector Foundation and MasterCard Foundation to help the ministry of health leverage the COVID-19 testing across the country.
The Private sector Foundation is Uganda’s umbrella body for the private sector made up of 240 Business Associations, Corporate bodies and the major Public Sector Agencies that support private sector growth.
Daily Monitor
Tuesday March 02 2021
Finance Minister Matia Kasaija addresses NSSF members. Parliament on February 17 amended Section 24 of the existing by inserting Section 24a, which allows workers mid-term access to their savings. PHOTO | KELVIN ATUHAIRE
Summary
Others legible for mid-term access. A person with a disability who lacks gainful employment or fails to generate income and is unable to make contributions to the Fund for less than one year should access up to 75 per cent of their contributions upon application. The clause was further amended to allow members with disabilities who cease to be employed for a period not less than one year to withdraw 75 per cent of their accrued benefits.
Govt to implement “crippling” alcohol and tobacco taxes
Silence Charumbira
ALCOHOL drinkers and smokers will be forced to dig deeper into their pockets after Finance Minister Thabo Sophonea proposed to finally implement the sin tax which will see alcohol and tobacco levies increased by 15 and 30 percent respectively.
Presenting his budget speech in parliament yesterday, Mr Sophonea said “during 2021/22 fiscal year, the government intends to introduce…an alcohol and tobacco levy at 15 and 30 percent, respectively”.
He said the government hoped to realise an additional M286, 6 million in revenue annually from the levies.
The levies have been on the cards since 2019 when former Finance Minister and current Prime Minister Moeketsi Majoro announced that the government intended to increase the levies during the 2019/2020 financial year.
Electoral uncertainty limits investment - business leaders
Thursday January 07 2021
Traders in down town business is still low despite the relaxation of some Covid-19 containment measures. PHOTO | ALEX ESAGALA
Summary
Advertisement
Investors are taking a ‘wait and see’ approach as they put off key investment decisions ahead of the general election next week. Most investors are keeping their purse closed until after elections when they are certain about the future and the direction of the country.
According to the private sector apex body in the country, investors both local and international - have gone through hard times in 2020, due to the Covid-19 pandemic and the resultant containment measures instituted by the government since March last year.