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Written off loans rise by 46.9% in 2020


Daily Monitor
Friday June 04 2021
Summary
A loan is written off after a business has accessed and concluded that it cannot recover such money. Therefore, it is written to off reduce tax liability.  
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The banking sector wrote off loans worth Shs242.6b for the period ended December 2020, according to the Bank of Uganda Annual Supervision Report. 
The report, which highlights the performance of particularly the banking sector and the general outlook of the economy, indicates that because of the weak economic activity occasioned by Covid-19, supervised financial institutions saw a 46.9 per cent rise in aggregate write-offs, which was the highest increase since the 2007/08 financial crisis. ....

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