Uganda, March 25 -- Business incomes experienced a sharp decline in the four years to June 2023 with several companies falling out of their traditional income bands, according to data from Uganda Revenue Authority (URA).

The decline, data shows, mostly impacted large taxpayers, which saw businesses earning an annual turnover of between Shs50b and above Shs100b drastically reduce, illustrating the devastating impact of Covid-19-related disruptions and subdued economic growth resulting from the Russia-Ukraine conflict since 2020.

Covid-19 was first announced in February 2020, followed by several restrictions on movement and business operations, whose impact continues to date.

In details contained in the 2022/23 Annual Data Book, URA note...