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Uganda imposes levy on foreign digital companies’ income

Uganda imposes levy on foreign digital companies’ income

UGANDA'S parliament late passed a new tax law that imposes a 5% levy on income earned in the country by foreign providers of digital communications services such as Twitter and Meta's Facebook. Authorities in the East African country have been exploring ways of tapping into the fast-expanding digital economy to help boost revenue needed to pay off mounting public debt. The Ugandan parliament said in a Twitter post that lawmakers had passed a new tax law called "The Income Tax (Amendment) Bill, 2023" containing the new levy. The new law "will also tax non-resident providers of digital services in Uganda such…
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Five tips for developing and managing your budget – even in tough economic times

Five tips for developing and managing your budget – even in tough economic times

THERE'S nothing quite like a new year to prompt us to take stock of our lives, our health, our goals – and our finances. Many people will start 2023 by contemplating how best to budget, plan and save. This is always a good set of aims, but it’s especially important in the inflation-prone and unpredictable economies we’re seeing all over Africa and the world. Author OLUWABUNMI ADEJUMO, Lecturer/Researcher, Obafemi Awolowo University Budgeting is especially key. It is the most effective method to monitor income and expenditure. Personal budgets can help you to monitor your resources in pursuit of larger financial…
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How COVID-19 hit people globally in the pocket

How COVID-19 hit people globally in the pocket

NITA BHALLA ONE in two people worldwide saw their earnings drop due to the coronavirus, with people in low-income countries particularly hard hit by job losses or cuts to their working hours, research showed on Monday. U.S.-based polling company Gallup, which surveyed 300,000 people across 117 countries, found that half of those with jobs earned less because of COVID-19 pandemic disruptions. This translated to 1.6 billion adults globally, it said. "Worldwide, these percentages ranged from a high of 76% in Thailand to a low of 10% in Switzerland," said researchers in a statement. In Bolivia, Myanmar, Kenya, Uganda, Indonesia, Honduras…
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