Taxes matter a lot and you better plan for them. Also, you need to understand the difference between tax evasion and tax avoidance. Tax evasion is illegal failure to remit taxes while tax avoidance is legal. You need to plan your business and incomes to take advantage of tax avoidance schemes available.
For example, income from your property is subjected to lower taxes than income from your stocks or salary that is usually charged at 30%. So, investing your savings in real estate appreciation may be a better strategy.
They say to know the true colors of a (wo) man give them two things: power and money. Few people remain calm with those two. A lot of money in the hands of a fool may lead to self inflicted pain and or deadly new habits. Unhealthy life style, family breakups and bad company.
Power has turned formerly humble people into monsters. To date, people don’t believe what certain African presidents’ turn out to be once they get into that excluded house – state house. With control over virtually anything within the country’s national boundaries, people’s true colors have been revealed.
Sylvester Kizito is one of those rare Ugandans who are very hard working. He has been through the furnace of life and seen it all. After completing senior six in one of the schools in rural Fort Portal, he was fortunate enough to get admitted to University on an evening program. Being self-sponsored, life has been very challenging.
Around 2006, during his final year at campus, he applied and got accepted for internship at one of the banks as a teller. This was a turning point for him. Aware of his background, he started saving 40% of his monthly salary. This accumulated to about Ugx. 5,000,000 within a period of just two years. By this time, the bank had promoted him to the position of manager in charge of the strong room or bulk cash manager. Early 2010, Sylvester qualified for a soft loan under the banks staff loan scheme. He applied, and successfully obtained a bank loan of Ugx. 6,000,000. At the time of applying for the bank loan, Sylvester had two choices – buy a car or a plot of land.
The total combined gross revenue of twenty six (26) commercial banks in Uganda was Ugx. 1.94 trillion (US $750 million) in 2011. It increased to US $810m in 2012. The total cost of doing banking business was Ugx. 1.34 trillion (US $515m) in 2011. That is a 69% cost to income ratio (CIR)! It means that for every 100 shillings each bank earned, 69 were spent. This is quiet telling of the level of inefficiency in the sector. With a CIR averaging below 55.1%; UK, Greek, and Irish banks have high profitability despite a large portfolio and demanding clientele base.
The 2014 Report To The Nations (RTTN) by the Association of Certified Fraud Examiners (ACFE) has revealed that "The vast majority of occupational fraudsters are first-time offenders; only 5% had been convicted of a fraud-related offense prior to committing the crimes in our study. Furthermore, 82% of fraudsters had never previously been punished or terminated by an employer for fraud-related conduct.
I never thought that I would love Golf that much. My first day in the greens has been a wonderful adventure.
Today, 29th July 2014, was my first day at the Kampala Golf Club. My teacher, Mr. Deo Akope, took me through the basics.
For a better experience, I needed a Golf kit and some balls. These are not the balls you might be thinking about. The Golf balls I am talking about are very small, hard and white. I think the choice of white color is to enable the player/s easily find the ball in the greens after hitting it.