Uganda Securities Exchange (USE) has re-branded as it marked 20 years.

This was at a stakeholder dinner which was graced by the Deputy Governor Bank of Uganda Dr. Louis Kasekende and the Nairobi Securities Exchange (NSE), CEO, Geoffrey Otieno Odundo.

Speaking at the event held at Kampala Serena Hotel, Paul Bwiso the CEO USE said, “Today marks a major milestone for us as USE as we mark twenty years in Uganda. It is a journey that has seen us enjoy a strong wave of growth and innovation together with our partners.”

The USE was incorporated as a company limited by guarantee on May 5, 1997 and became the 17th stock Exchange in Africa.

East Africa Development Bank (EADB) was the first company to list with a five year Shs10 billion bond in 1998, while East African Breweries was the first cross listing in 2001 followed by Kenya Airways in 2002.

In his speech read by the USE Director Richard Byarugaba, Charles Mbire, the USE Board Chairman challenged the Exchange to continue innovating so as to compete for business with financial institutions.

“The local market conditions remain challenging; this means that as an Exchange, we need to carefully review our value addition to all stakeholders; investors, issuers, custodians, brokers and all market intermediaries.”

With the demutualization of the Exchange, Mbire noted that it will allow for greater investor participation in the governance of the Exchange.

“Demutualization paves way for the planned self-listing of the USE through an Initial Public Offer (IPO) that we hope to achieve in the next couple of years.”

During his key note address, the Nairobi Securities Exchange CEO Geoffrey Odundo noted that the there is need for a lot of collaboration between the government and the Exchanges.

“Governments need to use Exchanges to raise capital. There is opportunity and liquidity to support the IPOs,” noted Odundo

The Deputy Governor, Bank of Uganda Louis Kasekende noted that there’s need for research into obstacles which deter companies from listing so as to formulate realistic policy solutions.

Meanwhile, USE also used the opportunity to re-brand as it changed its logo.

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The Kampala Capital City Authority (KCCA) plans to collect Shs36.2b from property rates in the city, up from Shs 30b projected in the financial year 2017/18, a ministerial policy statement for the upcoming financial year 2018/19 indicates.

The Minister for Kampala Capital City and Metropolitan Affairs, Beti Olive Kamya, says KCCA has submitted proposals to the finance ministry asking the repealing of the exemption of owner occupied properties provision in the Local Government ratings Act 2005 as amended, to pave way for KCCA to collect property tax from landlords staying in their own houses.

The minister in her ministerial statement to parliament, says the valuation of properties in the Central Division was finalized in the financial year 2016/17 and returned a net value of Shs 19b while the additional valuation roll for Central Division returned an extra Shs3.5b which will be administered effective July 1, 2018.

Meanwhile, the ministerial policy statement shows that field data collection in Nakawa Division has been finalized. The valuation of properties in Nakawa Division is projected to generate Shs 15b which will be collected effective July 1, 2018.

KCCA has also finalized plans to undertake concurrent valuation of properties in Rubaga, Kawempe and Makindye Divisions. “These are all aimed at boosting collections from property rates. This is a good step forward that will see the updating of the out dated valuation rolls of the above divisions,” Minister Beti Kamya says.

However, Minister Kamya says the coming into effect of the new rates presents a challenge for collection of arrears from the old rolls. She says KCCA is pursuing an interest amnesty initiative targeting realization of existing arrears before the coming into force of the new rates.

She says KCCA will focus on issuance of all demand notices in the first two months of the due dates of the rates. “This effort will also be complimented by an annual property rates policy we plan to issue which will inform all eligible property owners about their liability for rates, when, where and how to pay, liability and enforcement options,” she says.

She says KCCA intends to prosecute those who fail to remit taxes as provided for by law.

“Prosecution of all non-complying rate payers upon lapse of the due dates, September and December of each year, will be pursued,” she says.

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The government has moved to ban the importation of cars that are more than eight years from the date of manufacture.

According to Works and Transport Minister Monica Azuba, the Traffic and Road Safety Act 1998 Cap. 316 will be amended to also initiate an ‘environmental levy’, effective July 1.

However, according to the Minister, five categories of trucks and vehicles including those which will arrive in the country by September 30, are exempt.

Others exempt include among others road tractors for semitrailers; motor vehicles for the transport of goods with a gross vehicle weight of at least six tonnes; special purpose motor vehicles including breakdowns, lorries, crane lorries, fire fighting vehicles, concrete mixer, lorries, road sweeper lorries and spraying lorries. Others are mobile workshops, forklifts, mobile drilling rigs, mobile radiological units, works trucks, tanks and other armoured fighting vehicles, cesspool emptiers, water bowsers and bullion vans.

Agricultural or forestry tractors, earth moving motor vehicles, tamping machines and road rollers are also exempt, the Minister noted.

Among those to face levies are Sedan cars, saloon cars at Shillings 1,500,000; Passenger vehicles including light omnibuses with a seating capacity not exceeding 28 passengers at Shs 1,500,000; Estate and station wagon vehicles with an engine capacity of 3500 cc or above at Shs1,700,000 and, Medium omnibuses and heavy omnibuses with a seating capacity of more than 28 passengers Shs1,500,000.

‘The object of this Bill is to amend the Traffic and Road Safety Act, Cap. 316 to vary the motor vehicle registration fees provided for in the Finance Act, 2013; to vary the environmental levy on motor vehicles provided for in the Finance Act, 2006; and to ban the importation of motor vehicles that are eight years old or more from the date of manufacture,’ Minister Azuba wrote on March 29.

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Uganda youths should invest in the tourism industry in a bid to tap into the multibillion shilling sector, the Executive Director of Uganda Tourism Board Steven Asiimwe has said.

Speaking at a two-day summit organized by the Chamber of Young Entrepreneurs (CYE) Mr. Asiimwe noted that the industry revenue has grown from US$350 million to about US$1.4 billion over the past two years, and urged the youth to tap into the vast opportunities the tourism sector has on offer.

A good example, Mr. Asiimwe said, would be the introduction of Air, Bed and Breakfast (AB&B) accommodations, a common practice in the West where private homes accommodate tourists at a fee. He noted that Kampala currently has only 9000 rooms, a factor that can contribute to the AB&B initiative.

Further, according to Mr. Asiimwe, with 10 national parks and a friendly culture, Uganda is a tourist hotspot that needs improved services that can be provided by tour guides and travel agencies.

Addressing participants at the first CYE Summit at the Kampala Serena Hotel Victoria Hall held under the theme ‘Inspiring a Sustainable Entrepreneurship Culture’, the organisation’s President Edward Musiime enumerated some of the hardships many start-up businesses endure and urged the youth to come up with ‘intellectual capital’. “Nobody ever got ready by waiting, you only get ready by starting,” he said, quoting the famous words of John. C. Maxwell. H

Giving an example of his struggle over a Shs20 million loan, Musiime, a journalist-turned-entrepreneur added: “Passion is the greatest answer to pain.”

In her speech Amelia Kyamabadde, the Minister of trade and Co-operatives, commended the CYE initiative, explaining the need for youths to understand the dynamics in the business world.

The summit was attended by among others diplomats and sueccesful youths like Ricky Rapa Thompson, the initiator of Safe Boda Uganda and fashionista Anita Beryl of Beryl Quotore.

“I didn’t make money for three years until that one dress that gave me my breakthrough,” Beryl said.

Michael Niyitegeka, Country manager-ICDL Africa highlighted a few key elements necessary for an effective and efficient work force like trust and talent, and urged the youth to embrace them.

Meanwhile, CYE plans to reach out to the youths and equip them with the right skills to master and maneuver the risks and dangers within the business world by opening branches throughout the country.

The organization also plans to expand its outreach by having some of its members enrolling for entrepreneurship programmes that will be taught beginning with Victoria University, one of the sponsors of the summit.

Other companies and institutions that sponsored the summit included DFCU Bank, Roofings Limited, Uganda Communications Commission (UCC) and NTV.

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