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Ernst & Young (EY) in 2024 audited more banks than its peers, cementing its position as the leading external auditor in Uganda’s banking industry. With assignments from 11 commercial banks and one Tier II institution, EY now holds the single largest share of audit clients across the country’s licensed financial institutions — a lead that reflects not only growth in numbers but also deepening confidence in its services. This milestone crowns a three-year rise for EY, which steadily expanded its presence from nine commercial banks in 2022, to ten in 2023, and now 12 financial institutions in 2024. Its 2024…
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Capital gains arise when you sell an asset for more than you originally bought it. There are two kinds of assets in the Income Tax Act; a depreciable asset and a business asset. Depreciable assets are plant or machinery, or any implement, utensil or similar article, which is wholly or partly used or held ready for use, by a person in the production of income and which is likely to lose value because of wear and tear, or obsolescence. Common examples include computers, furniture and fittings, motor vehicles, plant and machinery. A business asset is one that is used or…
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Effective June 30th 2022, Michael Kimoni will be retiring from Ernst and Young (EY) after serving the organisation for 35 years. Michael joined EY in Kenya in 1987 as an Audit Associate, rising through the ranks and was admitted to partnership in 2007. He joined the Uganda office in 2011 and has served clients in Uganda for the last 11 years. Michael’s career spans over 35 years, during which he acquired wide experience at various levels of responsibility in audit, accountancy, taxation, secretarial and consultancy services with clients from all sectors of the economy, including donor funded organisations and projects…
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