Africa-Press – Uganda. Stanbic Bank Uganda Chief Executive Mumba Kalifungwa has clarified recent reports suggesting the bank paid nearly all its profits in taxes, after his figures sparked debate across the financial sector.
During a public address, it was reported that Stanbic paid Shs273 billion in taxes after posting a profit of Shs278 billion.
The figures led some to question the bank’s tax-to-profit ratio, implying that almost the entirety of its earnings had been surrendered to the government.
However, Mr Kalifungwa explained that the Shs273 billion represents the bank’s total tax contributions across multiple categories, not just corporate income tax.
“We have paid Shs273 billion—that’s correct, but it’s not only corporate tax,” he told the Nile Post in a rejoinder.
“It includes all taxes the institution contributes, such as corporate taxes, import duties, indirect taxes, and others. It’s not like we made Shs278 billion and paid Shs273 billion in corporate tax alone,” he said.
Beyond profit-making, banks like Stanbic contribute significantly to national development by supporting government revenue streams, helping fund infrastructure, social programs, and public services.
As Uganda continues efforts to strengthen its tax base, transparency in reporting and public understanding of tax contributions remain critical.
Stanbic’s example highlights the multiple ways institutions contribute to the country’s fiscal health, beyond headline profit figures.
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