In an unprecedented move, Tullow Oil yesterday evening published its 2013 Annual Report and unaudited accounts revealing taxes and royalties paid to governments where it operates. In its report, Tullow revealed paying $23million [Shs58.3bn] to the Ugandan tax authorities in 2013, down from $174.6m [Shs443.2bn] paid in 2012. In 2012, Tullow paid $141.8m to the Uganda Government as part of the Capital Gains Tax imposed by Uganda Revenue Authority after the sale of assets to Total and CNOOC.
Power distributor, Umeme, announced on Monday a 43percent rise in net profit for 2013 to 83.7billion Uganda Shillings. In the financial statement released today, the profit was due to a rise in revenue collections from consumers. The company collected about 0.3percent above the target for collections.