URA to Recover UGX 500M From Illegally Driven Vehicles

125 vehicles are being held by the Uganda Revenue Authority (URA) in the latest operation targeting the illegal use of foreign registration numbers as well as the red and white plates.  The agency says at least 500 million shillings in taxes and penalties will be recovered from these vehicles. The two-long exercise featuring the army…

Sharp Declines In Critical Mineral Prices Mask Risks of Future Energy Supply

Pressure eased in 2023 on the market for minerals that go into electric vehicles, wind turbines, solar panels and other clean energy technologies, as supply outpaced surging demand.  But a new report from the International Energy Agency finds that major additional investments are still needed to meet the world’s energy and climate objectives. Critical materials…

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SACCOs, MFIs Flout of Anti-Money Laundering Rules

The failure of Savings and Credit Co-operatives (SACCOs) and Microfinance Institutions (MFIs) to comply with Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) regulations poses a significant threat to Uganda’s financial integrity on the global stage.    Despite being obligated to adhere to AML/CFT regulations like banks, insurance companies, and NGOs, SACCOs and MFIs are largely non-compliant.…

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EFRIS: Accountant Gives Perspective as URA Vows to Maintain Enforcement

The Uganda Revenue Authority-URA has warned the business community against misinterpreting the President’s directive on EFRIS (Electronic Fiscal Receipting and Invoicing Solution). URA says the President’s directive did not stop the implementation of EFRIS and urges the taxpayers to continue using the system. “Currently, all VAT-registered taxpayers are mandated to use EFRIS, and URA will…

Traders Set to Resume Business Operations After Productive Talks with President Museveni

President Yoweri Kaguta Museveni engaged in a significant dialogue today with the leadership of traders from Kampala and various upcountry districts at State House Entebbe. This session followed a recent strike staged by traders, who temporarily shuttered their businesses in protest against the Uganda Revenue Authority (URA)’s rollout of the Electronic Fiscal Receipting and Invoicing…

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