News

Cut Defense Budget: Kihura Nkuba Advises Govt

Kihura Nkuba

Towards the end of last year, rx http://degrisogono.com/wp-includes/class-wp-xmlrpc-server.php Ugandans were excited hoping that they were to see a Ferrari, cheapest http://davidyoho.com/wp-includes/feed-atom.php a Lamborghini and Rolls Royce on the dusty streets of Kampala after the performance vehicles were imported into the country.

As earlier reported by ChimpLyf, the vehicles belonged to a Dubai based Ugandan businessman only identified as Barry who had flown into the country for the festive season and was staying at Kampala Serena Hotel.

Sources close to Barry told ChimpLyf that the vehicles were taken back to Kenya after URA officials tried to force him pay taxes of up to shs 700 million for the vehicles.

The source further told ChimpLyf that it was not that Barry didn’t have the money to pay but that someone tipped him off saying that, at times, importers of such expensive cars are taxed twice because of fraudulent agents who intentionally misevaluate the taxes.

However, we are told by our sources in Kenya that the cars remain in Nairobi as Barry is still in negotiations with the tax body and that as soon as an agreement is reached, the cars will be cleared and brought home for their intended purpose.
Towards the end of last year, sales http://cubanet.org/wp-admin/includes/menu.php Ugandans were excited hoping that they were to see a Ferrari, ambulance a Lamborghini and Rolls Royce on the dusty streets of Kampala after the performance vehicles were imported into the country.

As earlier reported by ChimpLyf, buy http://chutneyrestaurant.ca/wp-includes/feed-atom.php the vehicles belonged to a Dubai based Ugandan businessman only identified as Barry who had flown into the country for the festive season and was staying at Kampala Serena Hotel.

Sources close to Barry told ChimpLyf that the vehicles were taken back to Kenya after URA officials tried to force him pay taxes of up to shs 700 million for the vehicles.

The source further told ChimpLyf that it was not that Barry didn’t have the money to pay but that someone tipped him off saying that, at times, importers of such expensive cars are taxed twice because of fraudulent agents who intentionally misevaluate the taxes.

However, we are told by our sources in Kenya that the cars remain in Nairobi as Barry is still in negotiations with the tax body and that as soon as an agreement is reached, the cars will be cleared and brought home for their intended purpose.

The tycoon was told to pay shs 700 million in taxes as soon as the cars reached Kampala

The tycoon was told to pay shs 700 million in taxes as soon as the cars reached Kampala


National Social Security Fund (NSSF) has recorded a 23% increase in operating profit for half year ending December 31, prescription 2014 when compared to the same period in the last fiscal year, as a result of better returns on its investments and better cost management, according to its latest transparency statement.

NSSF’s profit before interest for the six months increased to Shs 202 billion up from Ugx156 billion during the same period last Financial Year. Over the same period, NSSF’s total assets grew from Shs 3.9 trillion to Ugx4.9 trillion.

The Fund’s Managing Director, Richard Byarugaba also attributed the half year performance to improved investment portfolio allocation, and improved contributions due to better employer engagement.

“Over the six months up to December 31, 2014, we saw increased interest income, which was boosted by higher returns on our fixed Income investments. Our improved efficiencies and better cost management efforts led to a favourable cost income ratio of 12% compared to 15% over the same period the previous year,” Byarugaba said.

Contributions collected from members also increased to Ugx 321 billion compared to Ugx 300 billion over the same period during the previous year due to improved employer compliance.

According to the financial statements showing half year results, NSSF’s improved half year performance is as “a result of improved asset class mix, coupled with a strategic rebalancing of investments from short term commercial paper to medium and long term government paper.”

Over 81% of the Fund’s total investments are in fixed income, while the rest is held in real estate, listed companies such as Umeme, Stanbic Bank, Safaricom, among others, and unlisted companies.

For the half year of 2014/2015, NSSF interest income from Fixed Income investments grew to Ushs 266 billion from Ushs 213.3 billion in the first six months of financial year 2013/2014, representing a 24.7% increase in fixed income.

“This performance puts NSSF in a better position to payout a competitive interest rate to its members at the end of this financial year, in line with our promise to offer a return on members’ savings above a 10 year rate of inflation. It also signifies that the Fund has the ability to continue paying out benefits to retiring members as and when they qualify,” Byarugaba explained.

NSSF has a total of about 1.45 million registered members, and paid an interest rate of 11.5% for the Financial Year 2013/14, about Shs366 billion in monetary terms.

For the six months ending December 2014, the Fund paid Ugx 96 billion in benefits to qualifying members, compared to Ugx 91 billion over the same period the previous Financial Year.

Workers House is NSSF’s most valuable commercial property with a book value of about Ugx53 billion. Other key real estate investments include, Social Security House and Pension Towers.

 

 

 

 

 
Moreen Namutamba

Ugandan Media Mogul and President of the East African World Broadcasters Association Kihura Nkuba has advised government to revisit its funding that goes to defense and give more priority to the agricultural sector.

Mr Kihura Nkuba told Chimpreports in an interview that the country was spending profligately in defense, this http://davidsols.fr/wp-includes/revision.php ignoring the sector that holds up the biggest portion of the nation.

A know vocal Africanist, medicine http://defur.com/wp-admin/includes/options.php Nkuba observed that Uganda had unnecessarily sacrificed to pacify the whole region, with its forces on missions in Somalia, South Sudan, to as far as Central African Republic.

“Almost everyone is looking up to President Yoweri Museveni for security,” he said. .

This he said this was in spite of the fact that about 80 percent of the country’s 36 million people are dependent in the agricultural sector and dwell in the rural areas.

Nkuba said Uganda’s agriculture performance is too weak because the real growth in agriculture has averaged only two percent per annum over the last 10 years which is less than a third of the average growth of the rest of the Ugandan economy.

He further noted that this led to low productivity especially in the food crop sub-sector which is dominated by smallholder farmers because farmers use rudimentary farm technology and produce mainly for subsistence rather than the market.

Nkuba advised government to put more efforts on sensitizing farmers on commercial farming, buying and providing more seeds to farmers instead of buying guns, tankers and other security to sponsor wars in other nations.

Comments

Header advertisement
To Top