NEAK Technical Consultants

17/06/2016

SACCOs to be regulated, the benefit is general, "building confidence in members coz of the fall back position, so, they can compete with commercial banks favorably.
There has been a question of security for member savings and this is to be solved by the Uganda Micro-finance Regulatory Authority (UMRA).

09/04/2016

A Uganda shilling against a US Dollar

09/04/2016

“This honeymoon is good for a while but fundamentally, we do not have a case for a strong Shilling,”

At the end of 2014/15, Uganda’s current account deficit was an estimated $2.3b up from $2.2bn in 2013/14. The projection is that, that deficit will rise as the country embarks on various infrastructure projects. That will push up the demand for dollars because of the import demand.

We expect the current account deficit to remain wide in 2016, reflecting ongoing infrastructure projects and energy sector developments. Imports to support infrastructure development will remain significant. Uganda is a net importer of most of the inputs required by the oil industry.

01/01/2016

HAPPENING NOW

Ibanda training for credit management and taxation.

06/12/2015

Don't be caught offside!
A Script dividend is different from a bonus share for tax purposes;
A bonus share is just a movement in the statement of changes in equity (balance sheet restructuring), where as a script dividend is a benefit to shareholders and therefore should be taxed at 15%.
For a clarification on that, call +256 758 000480

26/09/2015

IAS 37, PROVISIONS, CONTINGENT LIABILITIES & CONTINGENT ASSETS

Dutch investor group VEB, which represents shareholders, has just issued a liability claim against Volkswagen for the losses incurred by investors in the wake of the emissions fraud.
The group says:
Quote

The liability in question concerns the incorrect, incomplete and misleading information provided by Volkswagen about meeting all environmental requirements in the United States and elsewhere, while the company knew that certain software had been developed and installed to evade the requirements of this environmental legislation. This manipulation kept the Volkswagen share price artificially high.

In doing so Volkswagen acted unlawfully; not only towards car owners but also its own shareholders. In less than two trading days the Volkswagen share lost more than 35pc of its value after this wrongdoing became known.

The stricken automobile giant already faces at least 60 lawsuits filed in federal courts in the US by consumers alleging the company committed fraud by cheating on emissions tests, inducing them to pay more for their vehicles.

The lawsuits across the pond were filed as class actions representing all consumers in the US or individual states who leased or bought the vehicles.

AS AN ACCOUNTANT WHO HAS KNOWLEDGE ON 1AS 37 & EMA, AND RESPONSIBLE FOR PREPARING F.S FOR VW, HOW WILL THAT INFO BE INCORPORATED IN THE F.S FOR THE YEAR?

09/09/2015

DEPRECIATION OF A YUAN AND THE UGANDAN ECONOMY (Our opinion)

The current slowdown will have little impact on the China’s imports as the economy is being stimulated to export more goods.

When the yuan depreciated against the dollar, the projection was that it would feed into import prices.

A weaker Chinese Yuan may make some of imports to Uganda cheaper, helping to offset the effects of a stronger dollar against the Shilling,but the benefits will only be felt to the extent that trade between China and Uganda is denominated in yuan.

Two banks, Standard Chartered and Stanbic allow payments from Ugandan importers to suppliers in China using the Yuan.
However, the payments are not significant enough to yield a complete shift from the dollar to the yuan.

Therefore, it will take some time, before Uganda can feel the real impact of a depreciating yuan on the overall pricing of commodities in the country, since most of Uganda’s trade with China is dollar-dominated.

20/07/2015

02/07/2015

UPDATE!!

1. We are happy to inform our esteemed customers and the public at large that we have relocated our offices to Ugafode building third floor - left suite. This will double convenience as we aim at delivering beyond expectations.

2. The date for VAT De-registration by URA is tentatively 01/09/2015 following the increase of the threshold from 50m to 150m. Those below the threshold and still want to be registered for VAT purposes should show cause before that date.

3. Payments of 5m and above should be made to a vendor with a TIN otherwise, in won't be an allowable expense for tax purposes.

For more inquiries, call +256 701 818 847/ 772 895 687

29/06/2015

We shall conduct LECTURES for CPA students for both August and November seating. Registration for August seating is in progress with the institute of certified Public accountants (ICPAU) and the deadline is 31st July, 2015. Note that there is no room for late registration for August seating.
For more inquiries, call +256 701 818 847

27/06/2015

ERM

Enterprise Risk Management (ERM) is a new concept that has emerged and is drawing the attention of many proactive CEOs/CFOs. It is a concept that many people are struggling to
understand. Some people mix it up with other concepts like ordinary risk management.

To put it in simple and plain words; ERM refers to the development of a cohesive integrated risk management framework and continual development of technical tools and processes put in place by the Organisation’s Board, Senior Management and any other person in the organisation, to help it achieve its objectives.

ERM is a dynamic process that affects every aspect of an organization’s resources and operations. This therefore means that organisations need to know that, “everyone is a risk manager in an organisation"

For the technical part of this, Call 0772 895 687