Banks have branches which offer a complete range of banking and financial services. Despite the development of e-banking, banks still have close contact with customers:
- Checking accounts for everyday transactions.
- Savings and deposit accounts.
- Securities accounts for the investment and management of your securities.
To open an account:
- You’re required to have a valid identification and Passport Photo. More to that, at times your required to have Proof of Place of abode, Recommendation from an existing customer of the bank (optional for some account types) & Minimum Account capital balance.
- You will then fill in an Account Opening Form of the preferred bank. After verification, the bank will create for you an account in the banking system which is then passed on to you. Transactions can be conducted over the counter or by an ATM card. Request for an ATM card from your bank, you will need it for convenience.
Most banks offer:
- Telephone banking: Banking and financial services for instance; keeping customers updated with their account balances / transactional history through your telephone.
- Mobile banking: Most banks offer mobile banking transaction like inter account transfers, payment of utility bills, fees etc.
- Internet banking: you’re required to have internet connection. Apply to the bank for e-banking settings on your PC/Laptop/ I Pad or Android compatible gadget. Once these are done away with, the bank will share with you its e-banking portal and shall be maintained at certain fees per month.
Banks Opening Hours:
Generally from 8.30 am to 5pm Monday to Friday. On Saturdays banks operate half day from 9am to 12 noon.
Your bank will advise you on managing your finances for both retail and wholesale banking needs at a premium. The benefits include hastened turn-around time, bulk transaction discounts, quick and reasonable priced over-drafts, loans, Bank Guarantees etc.
Bank of Uganda
37-43 Kampala Road
T: 0414258441-61 / 041425061
LOANS (FOR APPROVED EMPLOYERS)
9 Wampewo Avenue
T: 0414 237 330
See the full list below;
|ABC Capital Bank
||4 Pilkington Road, Colline House
||www.abccapitalbank.co.ug Bank of Africa
||+256-414 345 200
|Bank of Africa
||House 45 Jinja Road
||+256-414 302 001/+256-312 254 100
|Bank of Baroda
||18 Kampala Road
||+256-414 237 898/ +256-414 233 680/1
||2 Hannington Road, Barclays House
||+256-312 218 300/317
|Bank of India (Uganda)
||37 Jinja Road
||+256-313 400 400 / +256-414 341 880
||30 Kampala Road, Greenland Towers
||0414 230 141 / 0414 230 136/7
||10 Kafu Road, Twed Towers, Nakasero
|Centenary Rural Development Bank
||44/46 Kampala Road, Mapeera House
||0414 232 393 / 0414 346 856 / 0414 251 276/7
|Crane Bank Ltd
||Crane Chambers, 38 Kampala Road
||0414 341 403/5 / 0414 345 345 / 0414 341 414
||4 Ternan Avenue, Centre Court
||+256-414 305 500 / +256-312 305 500
||2 Jinja Road
||0414 346 497 / 0414 351 000 / 0312 300200
|Diamond Trust Bank
||17-19 Kampala Road
||+256-414 387 000 +256-312 261 167
|East African Development Bank
||4 Nile Avenue
|Eco Bank Uganda Ltd
||4 parliamentary Avenue
||390 Mutesa 1 Road, katwe
||0312 262 437 / 0414 531 377
||56 Kira Road
||+256-414 233 824
||4 Wampewo Avenue Kololo, Investment House
||+256-414 259 651/2 / +256-312 262 614
||6 Hannington Road
||0312 320 400/9
||Commercial Plaza, Plot 7 Kampala Road
||+256-417 118 200
||Plot 4/6, Nakasero Road, Rwenzori Towers
||0417 337000 / 0312 388000
|Orient Bank Ltd
||Plot 6/6A Kampala Road
||0417 719 100/228
||17 Hannington Road, Crested Towers Short Tower Plot
||0312 224 111/ 600 / 0417 154 600
||5 Speke Road
||0414 258 211/7 / 0414 349 505
||27 Kampala Road
||0414 313 100
|United Bank for Africa
||22 Jinja Road, Spear House
||0417 715 122 / 0417 715 100
|East African Development Bank
||4 Nile Avenue
|Uganda Development Bank
||6, Nakasero Rd, Rwenzori towers
||9 Wampewo Avenue
||0414 237 330
Forex Bureaux are everywhere in town and offer the advantage of being open at weekends; and, they charge a different, more advantageous, rate than the banks. They charge no fee on exchange, but on the other hand they take higher commission than the banks on other operations.
t: 0414343700 / 0414344006
3 Kimathi Avenue t: 0414349849
Lloyds Forex Bureau
Forest Mall, Ground Floor
Metropole House, 8-10 Entebbe Road, t: 0414342443 / 0414232620
Grand Imperial Hotel Entrance, t: 0414259736
m: 0772653808,Pioneer Mall Shop No. 39, Kampala Road.
Sheraton Arcade, Ternan Avenue, Nakasero
t: 0414254521 m: 0772700007
Zain Forex Bureau
Old Branch Ntinda Shopping centre
e: email@example.com, 0312 266 686 / 0701 333 666
This is developing at a high rate due to the element of convenience, safety, quick money transfer. All the four prominent telecom companies have dealers on Kampala outskirts ( Airtel money, MTN mobile Money, M-Pesa).
It’s mandatory for every dealer to always have a chart indicating transaction costs that differ based on the amount transacted. On the other hand the cost of Mobile transacting is quite higher compared to banking. You can directly pay your utility bills with your Mobile Money Account.
Taxation in Uganda has been mandated to a central Government semi-autonomous body – Uganda Revenue Authority and apparently, there are a number of laws through which residents and non-residents are taxed. These among others include;
Elite Digital Solutions
- Income Tax Act – ITA
- The Value Added Tax Act;
- Stamps Act
- The Traffic and Road Safety Act;
- East African Community Customs Management Act (imports and exports).
A resident individual is a person who has a permanent home in Uganda; or is present in Uganda for a period of 183 days or more in any twelve months period that commences or ends during the year of income; or during the year of income and in each preceding two years of income, the individual is present for periods averaging to 122 days in each of such years; or is an employee or official of the Government of Uganda posted abroad during the year of income. A non- resident is therefore the opposite of a resident. A resident company is one which; is incorporated in Uganda under the laws of Uganda; is managed or controlled in Uganda at any time during the year of income; undertakes majority of its operations in Uganda during the year of income. A resident partnership is one where any of the partners was a resident person in Uganda during the year of income.
SUMMARY OF RATES THAT APPLY TO VARIOUS DOMESTIC TAX TYPES
Income Tax is imposed on a person’s taxable income at specific rates. A person under the ITA includes; an individual, a company, partnership, trustee, government and subdivision of government. Income Tax is charged on every person who has chargeable income (comprising business, employment and property) for each year of income. Chargeable Income is the GROSS INCOME of a person for the year of income less total deductions allowed under the ITA while Gross Income is the total amount of business, employment and property income other than exempt income.There are two categories of persons under the ITA, Resident and non-residents.
A. PAYE (PAY AS YOU EARN)
PAYE tax should be deducted at source by the employer and remitted monthly to URA. Employees who pay PAYE and have no other source of income do not need to complete an annual tax return.
B. Corporate Income Tax
• Resident and Non Resident Companies – 30% of profits after deducting expenses.
• Mining Companies – Ranges between 25% and 45% of profits.
• Trustee Companies – 30% of Income
• Retirement Fund – 30% of income.
• Branches are taxed at 30% and there is an additional tax of 15% which effectively applies to profits repatriated to head office.
C. Withholding Tax
i) Professional fees
A resident person who pays management or professional fees to a resident professional is required to withhold tax at a rate of 6% of the gross payment.
• Non residents
Withholding tax is imposed on every non-resident person deriving incomeunder a Ugandan – source service contract. This is a contract under which the principle purpose is the performance of services which gives rise to income sourced in Uganda, and any goods supplied under the contract are only incidental to the purpose. A Ugandan-sourced service contract does not include an employment contract. The tax is charged at a rate of 15% of the gross amount of any payment to the non-resident under the Ugandan sourced service contract. Any person who enters into any service contract with a non-resident is required, within 30 days of entering into the contract, to notify the Commissioner of the nature and duration of the service contract, and disclose the particulars of the non-resident to whom the payment is to be made, as well as the full contract value. Basing on this, the Commissioner may require the payer to withhold the relevant tax at a rate specified in the Commissioner notice
ii) Interest payments
A resident person who pays interest to another resident person is required to withhold tax at 15% of the gross amount of the interest paid.This withholding tax is not applicable where interest is paid by a natural person, interest, other than interest from government securities, paid to a financial institution, interest is paid by a company to an associated company or interest paid is exempt from tax in the hands of the recipient.
A resident Company which pays a dividend to a resident shareholder is required to withhold tax at 15% of the gross amount of the dividend paid, except where the dividend income is exempt from tax in the hands of the shareholder. Where the shareholder is a natural person (resident individual), the tax withheld on such dividend income is final.
iv) International payments
Tax is imposed on every non-resident person who derives any dividend, interest, royalty, rent, natural resource payment or management charge from sources in Uganda. The tax is withheld by the payer at a rate of 15% of the gross amount before payment/remittance of the amount is made. However interest paid abroad by a resident person is exempt from tax if:
• Borrowing is through debentures which were widely issued for purposes of raising loan capital to carry out business in Uganda.
• Borrowing is made from a financial Institution of a public character.
v) Non Resident entertainers or sports persons
Tax is imposed on the income derived in Uganda by every non-resident entertainer, sports person, or theatrical, musical or other related groups of entertainers. The tax is charged at a rate of 15% of the gross amount of the remuneration derived by the public entertainer/sports person. Where the tax is levied on a group, every member of the group is jointly and severally liable for payment of the tax.
The URA helpline is an excellent source of information 0800117000
Spring road Bugolobi
t: 0414 255 933/ 0312 264 255
Village Mall t: 0312 110 054,
Garden City t: 0312 110 489
Canopy IT Solutions
t: 0312 515 365, e: firstname.lastname@example.org,
CERT Computer Solutions
683, Willis road Kampala
t: 0414 270 793, e: email@example.com
1179 – 1181 Ggaba Rd Kabalagala
t: 0750 557003/001,
Course view Towers, 1st floor
21 Yusuf Lule Rd t: 0414341382
Course view Towers, 7th floor
21 Yusuf Lule Rd t: 0312314302
65 Yusuf Lule Road t: 0414251141
8 Hannington Road, Nakasero
t: 0312261774 m: 0772 261775 / 0792261774
15A, Ground floor, Village Mall, Bugolobi
t: 0312 516 677 m:0774 448 222
e: firstname.lastname@example.org, w: www.wasanii.ug
2nd floor, Eseza House, UMA show grounds
t: 0312 516 811, e: email@example.com
Nze Eve Photography
t: +256 774 573 793
Professional Documentary Wedding Photography
M: 0794 254 564
Mirage Concepts Uganda
87, Kira Road Kamwokya
t: 0774 027767 / 0701 097785
CLEARING & FORWARDING
5th Floor, Nakasero Road Kampala Rwenzori towers, e : firstname.lastname@example.org
t : 0313 673752 / 0772 720218 / 0701 044285
w : www.mebs-global.com
TRAVEL & ANIMAL CARE
Vetluv Pet Travel (Pet Travel, Clinic & Boarding)
Kirinya Bukasa Road
t: 0200 903 626, 0772 433 054, 0755 433 054
All large supermarkets stock a range of pet foods and supplies. Some petrol station shops have sacks of dog meal.
Also there are a few pet stores, plus dog trainers.
Mawanda Road, Kamwokya (All kinds of pets, foods and accessories.)
t: 0414 257 105, 0414 257 106
e: email@example.com, w: www.aquaria.ug
The Uganda Society for the Protection and Care of Animals (USPCA ) is a one stop centre for numerous dogs of different breeds and ages.
Cats and dogs can be adopted from USPCA
12 Ismail road, Mbuya, Kampala. m: 0772 403 789,