Minister Kasaija tips traders on gov’t low-interest loans at URA tax awards
KAMPALA, December 13, 2024: The Minister for Finance Planning and Economic Development, Matia Kasaija has asked Ugandan traders to approach the government for low-interest loans to boost their struggling businesses.
Speaking at the Uganda Revenue Authority’s Taxpayers Appreciation Awards Day on Wednesday, Kasaija assured business owners that the government is ready to support them with access to low-interest funding.
“We have different schemes from our banks. If your business is constraining you, come to my office. I will show you where you can get some money at a fairly low price,” he said.
He appreciated taxpayers for paying taxes. “You have pushed us at a level which I am very proud of and the economy is moving.”
Kasaija also used the occasion to call out the corrupt.
“There are people who are stealing our money, but I can assure you, we shall defeat them,” he declared.
In his address, URA Commissioner General John R. Musinguzi appreciated taxpayers noting that their steadfast compliance has allowed Uganda to rise from global economic shocks.
He explained that their contributions have aided government in building infrastructure that connects people, businesses, opportunities and provision of security, peace and stability.
“Taxes are not merely a financial contribution. But an investment into our collective aspirations. They fund the education of our children, ensure quality health care of our communities and they build the infrastructure,” Musinguzi said.
He added that taxes drive innovation and job creation, thus enabling a broad spectrum of essential services that underpin national progress and transformation.
He emphasised the need for a collective effort to drive Uganda towards economic independence and self-resilience.
“Taxes are not merely a financial contribution. But an investment into our collective aspirations. They fund the education of our children, ensure quality health care of our communities and they build the infrastructure,” he said.
Musinguzi added that taxes drive innovation and job creation, thus enabling a broad spectrum of essential services that underpin national progress and transformation.
He emphasised the need for a collective effort to drive Uganda towards economic independence and self-resilience.
New asset management firm in town
Meanwhile, Cornerstone Asset Managers has launched its operations in Uganda, offering wealth management and investment services to individuals, institutions, and corporations.
The new firm, which has been granted a licence by the Capital Markets Authority of Uganda [CMA], will provide a range of investment services, including unit trusts and wealth management solutions.
According to Henry Musasizi, Uganda’s Minister of State for Finance, Planning and Economic Development, the firm’s presence in the Ugandan market marks a significant milestone in the country’s journey towards financial inclusion and economic growth.
“Cornerstone’s wealth management services and Unit Trust Funds represent a bold step forward in enabling Ugandans to secure their financial futures,” Musasizi said.
On his part, Michael Opira, Board Chair of Cornerstone Asset Managers, said the firm is committed to delivering bespoke investment solutions that cater to the unique needs of its clients.
“We are dedicated partners who work closely with our clients to achieve their financial goals,” Opira said. “Our team of experts has a deep understanding of the local market and is well-positioned to provide innovative solutions that meet the evolving needs of our clients.”
The launch of Cornerstone Asset Managers comes at a time when Uganda’s economy is experiencing significant growth, driven by a young and entrepreneurial population, as well as an expanding middle class.
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