Uganda’s tax revenue losses are projected to decrease as commodity prices are expected to fall, according to Ramathan Ggoobi, Permanent Secretary and Secretary to the Treasury.
Speaking at the launch of local Marine Insurance Portal in Kampala, Mr Ggoobi emphasized that the new platform will make marine insurance premiums more favorable for importers and exporters.
“Our taxes are going to be boosted since traders will be able to pay all their taxes and their insurance premiums,” he noted, highlighting the economic benefits of a growing pool of insured shippers.
Uganda, being landlocked, depends on port facilities in neighboring countries like Kenya’s Mombasa and Tanzania for international trade.
Despite being less developed than its East African counterparts, Uganda’s marine insurance sector is on a positive growth trajectory.
The launch of the Marine Insurance Portal is part of a broader effort to modernize the sector, enabling all importers to purchase marine insurance from licensed Ugandan companies.
The portal is designed to safeguard imports against unforeseen risks and curb under-declaration of goods—a frequent issue in international trade.
The Uganda Revenue Authority (URA) is optimistic that this digital initiative will enhance transparency and compliance among importers.
With a more robust regulatory environment and steady trade growth, the local marine insurance market is expected to expand, positioning Uganda for stronger economic resilience in the years ahead.
