BUSINESS NEWS UPDATE AT 4OCLOCK with Orange Uganda Ugandan bankers want Government to allow employees to be able to access their savings from National Social Security Fund to buy long term assets like houses. This was raised by the Executive Director Standard Chartered Bank Herman Kasekende who argued that several workers have huge savings at the NSSF but are unable to afford decent housing. …………………………………………. Uganda Revenue Authority (URA) has been tasked by government to raise Shs9.5 trillion of the budget in the wake of donor countries withdrawing aid to Uganda. One of the initiatives the tax body intends to pursue in order to realise its goal is to enforce and widen the scope of rental taxation in all urban centres in the country with individual landlords being asked to pay 20 per cent of their rent incomes while companies 30 per cent. This would impact on the URA’s general performance mainly because any reduction in growth limits the tax revenues. …………………………………………. Government through the Ministry of Finance is planning to generate an additional sh30.4bn in revenue. The plan includes the removal of all tax exemptions for agriculture chain inputs; an 18 percent Value Added Tax (VAT) on agricultural supplies like fertilizers, tractors and seedlings); and an introduction of new taxes on value addition processes of agriculture and agro-processing. If passed by parliament, these tax reforms (translating to about 0.2 percent of entire the budget), could affect 23.8 million people that rely on agriculture as their primary source of income.Policy makers and lobbyists argue that the proposed taxes will slow down the very growth the tax exemptions were designed to encourage in the agriculture sector. ………………………………………….. Kenyan President Uhuru Kenyatta has said Kenya is to cut domestic borrowing by 50 % this financial year to boost the private sector and grow the economy. Kenyatta also says the Treasury will borrow Kshs 100 billion in the 2014/2015 financial year, from the Kshs 190 billion range the year before. He said this while addressing the international media at his State Housein Nairobi. This follow the success of Kenya’s debut Eurobond, which netted $2 billion. Kenya sought to raise $ 1.5 billion, but ended up bagging $2 billion, after its offering attracted bids four times its initial target. Uhuru is however optimistic that the reduction of domestic borrowing will lower interest rates, accelerate economic growth and create employment for the country’s youth. ………………………………… The US president Barrack Obama is to address a US-Africa business Forum today with focus on strengthening trade and financial ties between the United States and Africa. On Monday US Secretary of state John Kerry met African ministers to embrace free-market ideals and US Africa cooperation. The Business Forum is seeking to create partnerships that will promote trade, accelerate job growth, and encourage investment. In the same vain, the forum will also focus on U.S. private sector engagement in Africa in the areas of finance and capital investment; infrastructure; power and energy; agriculture; consumer goods and ICT. ……………………………………….. The US has today announced that it has committed to investing $14 billion in construction, clean energy, banking, and information technology projects across Africa. The announcement was made at the U.S.-Africa Business Forum, part of a three-day Africa summit in Washington is meant to showcase U.S. interest in improving trade and investment in the region. These investments will deepen U.S. economic engagement in Africa, fueling growth that will support broader African prosperity and emerging markets for US businesses, which will support jobs in both the United States and Africa. The business forum will allow dozens of African heads of state to mingle with U.S. and African executives, the official said. It will focus broadly on investment in finance, infrastructure, energy, agriculture, and consumer goods. ……………………. And NOW For The Forex Rates brought to you by City Bureau de Change located at Jumbo Plaze, Shop Number 4 on Parliament Avenue and Pioneer Mall, shop 4, City Bureau De Change also offerS FOREX EXHANGE Telegraphic Transfers, WESTERN UNION, MONEY GRAM AND CROSS CURRENCY OPTIONS. TODAY TRADING AND SELLING USD 2610 2625 GBP 4400 4490 EURO 3470 3530 KSHS. 29.5 30. Business News on 97fm Radiocity WAS brought to you by Orange Orange is the number one internet provider, giving you the most affordable internet bundles on the market, so you can use the internet as much you want. Simply dial *133# to buy a data bundle for your phone or modem. Internet changes with Orange. Today changes with Orange.
Posted on: Tue, 05 Aug 2014 13:11:53 +0000
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