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Isaac Kigozi: 7 reasons for investing in Uganda

watchdog by watchdog
5 years ago
in News
4 0
President Yoweri Kaguta Museveni in a meeting  with the German ambassador to Uganda, Albrecht Conze together withn the Foreign Affairs State Minister Okello Oryem at State House in Entebbe 2020.

President Yoweri Kaguta Museveni in a meeting with the German ambassador to Uganda, Albrecht Conze together withn the Foreign Affairs State Minister Okello Oryem at State House in Entebbe 2020.

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1.  Predictable Environment:
Inflation is single digit for over 10 years.
Stable annual economic growth averaging 6% per annum.
Market driven exchange rates.
2.  Fully Liberalized Economy:
All sectors liberalized for investing in Uganda and marketing.
Free inflow and outflow of capital.
100% foreign ownership of investment permitted.
3.   Strong natural Resource Base
Ample rainfall, eich soils, and favourable temperature range.
Unexploited mineral deposits. Confirmed deposits include Gold, Zinc, Wolfram, Petroleum, Diamond, Vermiculite, Silica etc.
Tourism opportunities for investing in Uganda. Uganda’s scenic beauty is rich with tourist attractions like bird watching, sport fishing, Gorilla and chimpanzee tracking, white water rafting, game viewing, mountaineering, and forest trekking.
4.  Government Commitment to Private Sector
Government and private sector dialogue in policy formulation.
Continuous improvement in provision of infrastructure and other social services.
5.  Trainable Labour
Uganda has about 15 Universities, which produce over 20,000 University graduates per year, as well as 10 tertiary institutions and 11teacher training college, which further enhance the capacity of the work force.
6.  Security of Investment
Guaranteed under the Constitution and the Investment Code 1991.
Uganda is a signatory to major international investment related institutions, conventions and agreements.
Multi lateral Investment Guarantee Agency (MIGA).
Overseas Private Investment Corporation (OPIC) of US.
Islamic Cooperation for the Insurance of Investment and Export Credit (ICIIEC).
Convention on the recognition and enforcement of foreign arbitral award (CREFAA).
ICSID, TRIMS, GATS, and TRIPS.
Uganda has also signed a Bilateral Investment Treaty with China in 2003, which is yet to be ratified, as well as a Double Tax Agreement with India in 2003. Some other priority countries in Asia are being targeted and pursued for the same.
7.  Investment Incentives
a) Investment Capital Allowances.
Initial Allowance on plant and machinery  50-75%.
Start up cost spread over 4 years   25% p.a.
Scientific research expenditure   100%.
Training expenditure   100%.
Mineral exploration expenditure     100%.
Initial Allowance on Hotel and Industrial Buildings        20%.
Deductible annual Allowances (depreciable assets).
    Depreciation rates of assets range    20-40%.
    Depreciation rate for Hotels, Industrial Buildings and Hospitals    5%.
b) Investors who register as investment traders are entitled to VAT refund on building materials for .industrial/commercial buildings.
c) Duty and Tax free import of Plant & Machinery
d) First Arrival Privileges in the form of duty exemptions for personal effects and motor vehicle (previously owned for at least 12 months) to all investors and expatriates coming to Uganda.
e)  Export Zones (Provisional)
A ten year corporation tax holiday.
Duty exemption on raw materials, plant and machinery and other inputs.
Stamp duty exemption.
Duty draw back to apply on input of goods from domestic tariff area.
No export tax.
Exemption of with holding tax on interest on external loans.
Dividends repatriated to get relief from double taxation.

Do you have a story in your community or an opinion to share with us: Email us at editorial@watchdoguganda.com
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