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MTN Uganda pays Shs838 billion tax for 2021

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MTN Uganda has announced a record payment of Shs839 billion as taxes in 2021 reaffirming it’s position as the top tax payer.

This was revealed by the MTN Uganda Chairman Charles Mbire on May 27, 2022 at the first general meeting of the Company since it was listed on the Uganda Securities Exchange on 6 December 2021.

Mbire said that in 2021, Shs 839 billion was paid to the Uganda Revenue Authority (URA). He announced a total of Shs 335.6 billion to be paid out as dividends to shareholders this year.

“With the Company’s strong performance and in line with the Company’s dividend policy, the Board has proposed a final dividend per share for the financial year of Shs 4.706 (Shs105.4 billion), with the total dividend per share for 2021 being Shs 14.99 (Shs 335.6 billion),” Mbire said.

He added that Shs230 billion have already been paid out as interim dividend.

In 2021 MTN Uganda offered 20% of its shares to the public in what has since become the largest IPO in Uganda’s history and a major milestone in the Company’s journey.

“Operationally, 2021 was a challenging year for the Company due to the economic impact of the COVID-19 pandemic. Despite these challenges, the business demonstrated commendable resilience and returned positive results. I express my sincere gratitude to the Board, the senior management team and employees for their efforts in the past year,” Mbire added.

Mbire pointed out the successful separation of the MTN Mobile Money and financial technology business from the main telecommunications business adding that  Ambition 2025 projects are currently being explored.

“We are excited about the prospects and growth potential of MTN Uganda and the opportunity to make an even greater contribution to the country’s transformation by extending digital and financial inclusion to all areas and driving broad community development,” he said.

On the effects of the COVID-19 pandemic and MTN’s contribution, Mbire said MTN Uganda was at the forefront with a response with support provided at national and community levels through collaboration with the Government of Uganda to provide COVID-19 relief.

“We are, and will remain, focused on the well-being of our people and the Ugandan community as this lies at the core of everything that we do,” he concluded.

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