Banks And Financial Institutions
Banks have branches that offer a complete range of banking and financial services. Despite the development of e-banking, banks still have close contact with customers:
Banks provide the following services:
Checking accounts for everyday transactions.
Savings and deposit accounts.
Securities account for the investment and management of your securities.
To open an account:
You’re required to have valid identification and a passport photo. In addition, you may be required to have proof of place of abode, a recommendation from an existing customer of the bank (optional for some account types) & a minimum account capital balance.
You will then fill in an Account Opening Form. After verification, the bank will create 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 an ATM card from your bank, you will need it for convenience.
Most banks offer:
Telephone banking: banking and financial services, keeping customers updated with their account balances / transactional history through their telephone.
Mobile banking: most banks offer mobile banking transactions like inter-account transfers, payment of utility bills, fees, etc.
Internet banking: Apply to the bank for e-banking settings on your PC/Laptop/ I iPad or Android compatible gadget. Once these are installed, the bank will share with you its e-banking portal which will be maintained at certain fees per month.
Banks Opening Hours:
Monday to Friday 8.30 am to 5pm,
Saturdays 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
37-45 Kampala Road
t: 0414258441-61 / 041425061
Bank of Africa
Bank of Africa House, 45 Jinja Road
t: +256-414 302 001/
+256-312 254 100
Bank of Baroda
18 Kampala Road
t: +256-414 237 898/
+256-414 233 680/1
Headq. Hannington Road, Nakasero.Kampala main branch
Bank of India (Uganda)
37 Jinja Road
t: +256-313 400 400 / +256-414 341 880
Centenary Rural Development Bank
44/46 Kampala Road, Mapeera House,
t: 0414 232 393 / 0414 346 856 /
0414 251 276/7
4 Ternan Avenue, Centre Court
t: +256-414 305 500 /+256-312 305 500
2 Jinja Road
t: 0414 346 497 / 0414 351 000 / 0312 300200
e: firstname.lastname@example.org, www.dfcugroup.com
Diamond Trust Bank (U) LTD
Head office, DTB Centre
Plot 17/19, Kampala Road
P.o Box 7155
t: +256(0) 341 387 000/105
Toll Free: 0800 242 242
Eco Bank Uganda Ltd
4 parliamentary Avenue
6 Hannington Road,
t: 0312 320 400/9
Housing Finance Bank
4 Wampewo Avenue Kololo, Investment House,
t: +256-414 259 651/2 /
+256-312 262 614
Commercial Plaza, Plot 7
t: +256-417 118 200
Plot 4/6, Nakasero Road, Rwenzori Towers
t: 0417 337000 / 0312 388000
Orient Bank Ltd
Plot 6/6A Kampala Road
t: 0417 719 100/228
17 Hannington Road, Crested Towers Short Tower Plot
t: 0312 224 111/ 600 / 0417 154 600
Standard Chartered Bank
5 Speke Road t: 0414 258 211/7 / 0414 349 505
United Bank for Africa
22 Jinja Road, Spear House
t: 0417 715 122 / 0417 715 100
STOCKBROKERS AND INVESTMENT ADVISORS
A trade name of Crested Stocks & Securities Limited[A Member of the Uganda
First Floor, Impala House,
Plot 13/15 Kimathi Avenue
- O. Box 31736, Kampala, Uganda
t: +256 393 230 900
+256 414 230 900
+256 758 230 900
Uganda Development Bank
6, Nakasero Rd, Rwenzori towers, t: 0414 355550/5/6
East African Development Bank
4 Nile Avenue t: 0414230021
Letshego (Offers unsecured loans to civil servants and micro enterprises).
9 Wampewo Avenue, t: 0414 237 330
MicroFuse Uganda Limited
MicroFuse Uganda Ltd was founded with a rebellious spirit objective to offer quick and reliable IT solutions at a revolutionary price, while leading the way for business automation and digitization.
Kira House Plot 4A, Pilkington Rd Kampala, Uganda.
t: +256 772 475647, +256 700 391929,+256 200 902044
5.3. MOBILE MONEY
This is developing at a high rate due to convenience, safety and speed of money transfer. All the prominent telecom companies have dealers ( Airtel money, MTN mobile Money, M-Pesa).
It’s mandatory for every dealer to have a chart indicating transaction costs that differ based on the amount transacted. You can pay your utility bills with your Mobile Money Account.
5.4. FINANCIAL CONSULTANCY
t: 0794710924, e: email@example.com
Garcias & Roca Consultants Ltd
Organisatioal Psychology, Training, Mediating,Empowering and Coaching.
t: +256 789 953 087, +254 705 978 846
Taxation in Uganda has been mandated to a central Government semi-autonomous body – Uganda Revenue Authority and there are a number of laws through which residents and non-residents are taxed. These among others include;
Income Tax Act – ITA
The Value Added Tax 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 during the financial year or an average of 122 days over 2 financial years . 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 financial year; undertakes majority of its operations in Uganda during the. A resident partnership is one where any of the partners was a resident person in Uganda during the financial year.
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.
- 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.
- 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
- 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; and
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
Garcias and Roca Consultants ltd
tel: +256789953087 (Kampala), +254705978846 (Nairobi), e:firstname.lastname@example.org
8 Hannington Road, (Opposite Serena Hotel)
t: 0312261774, m: 0772 261774 / 0792261772
CLEARING & FORWARDING
Rwenzori Towers, 5th Floor, Nakasero Road.
P O Box 37468, Kampala, Uganda
TRAVEL & ANIMAL CARE
A-Z Mobile Dog Training Unit Kampala
Ronald Kyobe, t: 0702822340
FB page: A-Z mobile dog training unit Kampala
(Pet travel and small animal clinicians )
P O Box 2194, Namugongo-Kyaliwajala,
t: 0774401012, 0753400604, (whatsapp)0795265028
e:email@example.com,firstname.lastname@example.org,fb:@vetplanetug,Twitter:@vetplanetug,Instagram:@vetplanetug,www. vetplanetug.com (Home visit based services)
Vetluv Pet Travel
(Pet Travel, Clinic & Boarding)
Kirinya Bukasa Road
t: 0200 903 626, 0772 433 054, 0755 433 054
twitter: @vetluvDr, e: email@example.com
The Kampala Veterinary Surgery
1249, Mutungo Lane, Off Kireka Rd
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.
The Uganda Society for the Protection and Care of Animals (USPCA ) is a one stop centre for numerous dogs of different breeds and ages.