Maina Speedy Uganda Limited has joined a series of other reputable companies endorsed by Uganda Revenue Authority (URA) under the Authorized Economic Operator (AEO) strategic partnership.
For its commitment to compliance and partnership with URA, the company is now authorized as a National AEO in the category of Clearing Agent and Freight Forwarder.
The partnership, according to URA, strengthens collaboration between government agencies and the private sector to facilitate legitimate trade and boost revenue.
While officiating at a function at which 24 new members of the AEO were ushered in at Speke Resort Hotel, the URA Commissioner General John Musinguzi said this program has significantly reduced clearance time and tremendously reduced the cost of doing business for both URA and clients.
“Our dream is to have 80% of Customs taxes cleared by AEOs hence reducing the cost of our operations. Through this program, we aim to support our clients by making taxation and trade regulation engagement easier, more participatory and more pleasant, with trust and transparency,” Musinguzi said.
When interviewed by journalists after receiving his certificate from the Commissioner General, Maina Speedy Director Logistics, Fred Mugenga revealed that the recognition has added to their long-standing history of credibility, trustworthiness and compliance to tax regimes in the country.
“Our clients are now able to benefit from expedited customs clearance and round the clock support from URA. We are also well positioned for the increased logistics from the oil pipeline and refinery activity which requires experienced operators with AEO certification,” Mugenga said.
He revealed that with their several offices in the United Kingdom, Kenya, Dubai, India, Nigeria and China, this partnership with URA has furthered their ability to provide quality service anywhere worldwide. The company was represented by its Managing Director Tom Mugenga and Director Logistics Fred Mugenga at this function.
According to Commissioner Customs Abel Kagumire, the AEO program is one of the interventions aimed at enhancing voluntary compliance through partnership with clients. It is also one of the efforts towards achieving the critical balance between supply chain securities and facilitating international trade.
“We started with only 10 companies in 2013 but today we are counting 117. This is a clear testimony that more companies are embracing the call for voluntary compliance,” Kagumire said.
Tom and Fred Mugenga attending the URA function last Friday.
He revealed that in the Financial Year 2021/2022 alone, AEOs contributed Shs3.594Tn which was approximately 42% of the total customs revenue of Shs8.444Tn.
URA records show that Maina Speedy alone contributed approximately Shs89bn into customs revenue between the years 2020-2022. The company had a humble beginning as Speedy Freight Ltd in 1988 and later merged with a British Logistics Company, Maina Ltd to morph into Maina Speedy Limited in 2003.
It has now joined other new companies on the AEO program like MTN Uganda Ltd, Dembe Enterprises, TOTAL Energies, Uganda Breweries Limited, Bidco Uganda Ltd among others.