Uganda
markets without the handicap of including costs of imported inputs in the final export price (the duty paid on imported inputs). This allows exports to drawback up to 100% duties paid on materials inputs imported to produce for export. • Manufacturing under bond – This scheme allows manufacturers to seek customs license to hold and use imported raw materials intended for manufacture for export in secured places without payment of taxes. It makes available working capital, which would have been tied up through paying duties immediately after importation. • Others – Other incentives are available under the Investment Code as administered under the Income Tax Act 1997, by URA for export-oriented investment projects.
Interest and Currency Exchange Rates
Exchange Controls Although foreign exchange repatriations from Uganda are not restricted, any person seeking to repatriate funds in excess of Ushs50 million should obtain a tax clearance certificate from the URA.
Key Economic Statistics
Trade Relations • East African Community (EAC). • Conotou.
Prime Overdraft Rate: 25.66% (November 2012) 21.83% (December 2011) (source: Bank of Uganda)
Bank Rate: 18.00% (November 2012) 91-day Treasury Bill Rate: 9.69% (November 2012) (source: Bank of Uganda)
Currency: Ugandan Shilling (Ushs/UGX) R1 = Ushs300.791 (November 2012) US$1 = Ushs2 449.08 (November 2012) (source: Oanda)
GDP (approx.): US$20.464 billion (2012) US$17.425 billion (2011) (source: IMF)
Market Capitalisation: US$7.727 billion (2011) US$3.556 billion (31 December 2008) (source: Economy Watch)
Notes: 1. The Cotonou Agreement provides the framework for the European Union’s development funding to Uganda. The Revised Agreement of 2010 has now been tabled before Cabinet for approval.
Rate of Inflation: 4.500% (November 2012) 18.677% (average 2011) (source: World Bank, IMF)
Notes: 1. Economic growth in Uganda is expected to slow to an estimated 3.2% in the 12 months through June 2012/13 following fall in the services and the industrial sectors. The projected growth is the slowest in more than a decade for East Africa’s third-biggest economy. 2. The inflation rate in Uganda was recorded at 4.5% in October of 2012. Historically, from 1998 until 2012, Uganda inflation rate averaged 7.4% reaching an all-time high of 30.5% in October of 2011, and a record low of -5.4% in November of 2001.
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Guide to Fiscal Information
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