Latest Developments | Business & Economy News

  • The Uganda Revenue Authority has said it will invest in consumer sensitisation and education to help the public understand the Digital Tax Stamp system. Speaking at a dialogue on digital tracking solution in Kampala on Tuesday, Mr James Odongo, the URA assistant commissioner for domestic taxes, said the Digital Tax Stamp, which was introduced in October last year and implemented on Nov 1, 2019 will not only help URA to improve its collection efficiency but also reduce the supply and entry of counterfeits.
  • The price of gold has risen in the Egyptian market during the past couple of days as a result of global fears over the economic fallout of the coronavirus epidemic, which has prompted investors to take refuge in safe-havens like gold.
  • Safaricom has opened talks with undisclosed investors to form a consortium that will this year bid for one of two Ethiopian telecoms licences due to the high entry costs that are likely to breach the KES 100 billion (approx. USD 1 billion) mark. The Nairobi Securities Exchange-listed firm said it was racing to assemble the group of investors ahead of its Ethiopia bid, which is expected in April.
  • Apex Biotech has become the first pharmaceutical manufacturing plant in Rwanda. The factory was licensed by Rwanda Food and Drugs Authority on Tuesday, 18 February 2020. Co-owned by Rwandan and Bangladeshi investors, the plant is located at Kigali Free Economic Zone, Gasabo District.  
  • Isuzu East Africa has started assembling its D-Max pick-up trucks in Kenya, ending the tradition of importing readymade light commercial vehicles from South Africa. Importing car parts and assembling them locally will give the company tax benefits that will allow the Kenyan unit to lower the selling price of its Isuzu D-Max pick-up trucks.
  • The Forces for Freedom and Change in Sudan Sunday rejected the recent decisions to partially liberalise the prices of fuel and wheat pointing that it violates previous understandings concluded in late December with the Transitional Authority. On 12 February 2020, the Ministry of Energy and Mining agreed to pay 50 percent of the price of fuel imported from the international market and authorised to sell it at a lower price.
  • The Ambassador of China to Mozambique, Su Jian, has acknowledged that the suspension of travel visas between Mozambique and China may have an impact on trade between the two countries. According to the Chinese Ambassador, the Governments of the two countries remain committed to promoting trade and are still working to control the outbreak preventing the coronavirus reaching Mozambique.