Uganda Revenue Authority (URA) has recognized Stanbic Bank for being among the top key tax payers in Uganda.
The recognition is in line with the Authority’s tax appreciation week set for September 26th to 28th that aims at paying accolades to every tax payer in Uganda who has paid their dues in time. Stanbic is currently the highest tax payer in the banking sector and fourth highest overall having paid up to UGX 100 billion in taxes for financial year 2017/18.
Speaking while making a courtesy call at the bank headquarters in Kampala, Patrick Mukiibi, Ag. Commissioner General Uganda Revenue Authority praised Stanbic for serving as a role model by making on time tax declarations and payment.
In 2017 alone, Stanbic Bank collected UGX 3.8 Trillion in taxes on behalf of URA. This represents approximately 30% of URA total revenue collections.
While accepting the award, Stanbic Bank’s Chief Executive Patrick Mweheire said, “As a bank, we believe in playing our role in building a better tomorrow for the growth and development of Uganda’s economy. Paying taxes is a huge part of that agenda and we are glad to be among the top 5 highest tax payers.”
Stanbic is also playing a key role in supporting the growth of various key sectors but most especially with a key focus on SME’s who contribute greatly to the growth of the ecobomy. The bank recently introduced a SME Business Incubator that aims to help businesses upscale and gain better operational skills. Currently SMEs account for approximately 90% of the country’s private sector. Ministry of trade data estimates the sector employs more than 2.5 million people, generates more than 80% of the country’s manufactured output and contributes 18% to the country’s Gross Domestic Product (GDP).