What you need to know:
- Income. Government has provided a number of taxes under the Income Tax Amendment Bill through which Uganda will earn from the oil and Gas sector as a country.
Sunday, 20 March 2022 06:00
How govt will earn from oil, gas sector
Now that the oil development stage has started, it is easier to connect the dots on how the private sector will directly benefit from the resource.
A number of contracts have been drawn while hundreds or even thousands of others, are still in the pipeline.
However, beyond individual or company level benefits, the question is; how does Uganda, as a country, earn from the oil and gas sector?
Pamela Natamba is the head of oil and gas division at PricewaterhouseCoopers (PwC).
In her assessment, as a country, during the development stage, Uganda will mainly earn through taxes, given that there will be no commercial production until 2025.
Therefore, she notes, such earnings have been provided for in the Income Tax Amendment Bill, which particularly focuses on the oil and gas sector.
“That Bill has made specific provisions, but one of them which is very interesting is it introduces a Windfall Tax,” she says and notes that this tax will apply to licensees that have signed Petroleum Sharing Agreements, many of which have been involved in exploration up to the point of production.
These, she says, include large companies such as TotalEnergies, CNOOC and Uganda National Oil Company (UNOC), among others.
What the Bill puts in place, Natamba says, is that as long as you earn revenue in excess of a certain amount, you will be subjected to a Windfall Tax.
For instance, she explains, if international oil prices are expected to go for a certain amount you a company sells beyond what has been projected, the expectation is, the company will pay an extra tax over and above 30 percent.
Published in
Energy
Sunday, 20 March 2022 08:45
Govt starts forceful evictions in Sango Bay Estate to pave way for oil palm project
What you need to know:
Out of the estimated 10,000 households, the government says it’s ready to compensate only 300 who are bonafide occupants
Government has commenced forceful eviction of people in the vast Sango Bay Estate in Kyotera District to pave the way for oil palm growing expected to start next month.
Since Thursday, bulldozers have been pulling down structures of people who reportedly encroached on 247 square miles.
Out of the estimated 10,000 households, the government says it’s ready to compensate only 300 who are bonafide occupants.
According to assistant commissioner of police, Mr Godfrey Matte who is spearheading the eviction exercise, they are enforcing a directive issued by State Minister for lands, Mr Sam Mayanja last month.
Credit: Daily Monitor
Published in
Politics
Friday, 29 March 2019 00:00
President Kagame calls for talks over standoff
Kampala. President Paul Kagame has called for an end to the tension between Uganda and Rwanda that led to closure of Rwanda border on February 28.
Mr Kagame, who was addressing the Africa CEO Forum 2019 in Kigali on Tuesday, said on the official presidential Twitter handle Presidency/Rwanda @Urigwiro Village that Uganda and Rwanda can avoid “quarrels” that might hurt both countries.
“To say the least, if we can’t work together as brothers, sisters, friends, we can decide to give each other peace and forget what we have to do together but above all avoid quarrels that will be destructive because no one will win from any serious quarrel,” he told the summit.
His reconciliatory tweet is seen as a change from his earlier hardline position when told Rwanda’s local and central government officials on March 16 during a retreat at Rwanda Defence Forces Combat Training Centre, Gabiro in Gatsibo District that no one can bring him to his knees.
However, Mr Olivier Nduhungirehe, Rwanda’s minister in charge of East African Community Affairs, yesterday told Daily Monitor that Mr Kagame has not softened.
“The President has been clear right from the start and as government, we have given three options. The first option is that we want to work towards normalisation of the relations for economic cooperation. We have said this before. The second option is that if the first option is not possible, we should ignore each other. But that’s not our preferred option. The third option, which is the worst is that if Uganda wants do harm to us, and continues to support our enemies, Rwanda is ready to defend itself,” Mr Nduhungirehe said.
Uganda’s Regional Cooperation Minister Philemon Mateke yesterday said that “there are no quarrels” between both countries.
In a separate interview, Col Shaban Bantariza, the Uganda Media Centre deputy executive director, last evening said: “That is a positive statement and that has been the policy that nobody benefits from such a situation.”
Rwanda closed the border with Uganda and all the Ugandan cargo trucks have been blocked from entering Rwanda over allegations that Uganda is harassing and arresting Rwandans, an allegation Uganda has denied.
During the same forum, which was also attended by DR Congo President Felix Tshisekedi, Mr Kagame also said it was only the people or Rwanda who can remove him from power.
“Whether you like me or not, President Kagame is here as President of Rwanda, it is the business of the people of Rwanda. If they want Kagame, they will have him and if they don’t they will remove him,” he said.
Rwanda also claims that Uganda harbours the Rwanda National Congress dissidents to undermine the Kigali government.
President Tshisekedi said leaders should not conflict because it’s a waste of time.
“Our countries will be neighbours forever, as leaders, we are here temporarily but our countries will always be there. Conflict with each other is a waste of time, time that could be used to build our countries,” he said.
Credit: The Daily Monitor
Published in
Media
Monday, 30 March 2020 00:00
Israel's Netanyahu under precautionary COVID-19 quarantine
COVID19 ISREAL NETANYAHU
A statement from Netanyahu's office said that according to "a preliminary assessment...there is no need for the prime minister to be quarantined, as he did not come into close contact with the individual and did not personally meet with that person."
"Over the past two weeks the two were never in the same room at the same time," it added.
The statement further noted that the "epidemiological investigation" was ongoing and that Netanyahu and "his close staff would be in confinement until (tests) were completed."
- Video surveillance -
The Knesset statement said that lawmakers and parliamentary employees have already been instructed to follow the health ministry's orders and self-quarantine if they were in Paluch's vicinity.
The Knesset said it was offering footage from its surveillance cameras to the health ministry for them to see where and when Paluch had been in the building, for the health professionals to determine which measures need be taken.
Israel, which has more than 4,000 confirmed COVID-19 cases, has imposed severe restrictions to contain the spread of the virus, including a total ban on non-essential movements.
Netanyahu's office stressed that he has had limited inter-personal contact in recent weeks, conducting "most of his meetings via video conferencing from his residence."
The news comes as Netanyahu, 70, is widely expected to agree on an emergency unity government with his election rival Benny Gantz to tackle the coronavirus pandemic.
The two fought three bitter but inconclusive elections over the past year, with neither securing enough support to form a viable coalition government.
Gantz was given the mandate of forming a government following March 2 elections but there was no guarantee he would succeed this time, given rifts within the anti-Netanyahu bloc.
Gantz, a centrist, was elected speaker of Israel's parliament last week and has committed to backing an emergency unity government with Netanyahu, citing the need to combat COVID-19.
Netanyahu, in office since 2009, was in January charged with bribery, fraud and breach of trust, but the start of his trial has been delayed by the pandemic.
He denies the charges.
Published in
Politics
