Ugandan businessman and investor Charles Mbire has emerged as one of the country’s highest individual taxpayers, with a staggering UGX 5.4 million deducted daily in taxes from his MTN Uganda dividends alone.
Following MTN Uganda’s shs 505.99 billion profit for the year ending December 2024, shareholders received dividends totaling shs 22.60 per share.
Mbire, who holds a 4% stake in the telecom giant, earns take-home of shs 55 million Per Day from his MTN dividends and shs 20.239 billion in dividends from this payout.
However, before he even touches a shilling of his earnings, the Uganda Revenue Authority (URA) deducts a 10% withholding tax, which translates to UGX 2.0239 billion annually.
This breaks down to shs 168.665 million per month, meaning Mbire pays an estimated shs 5.4 million in taxes every single day from this one investment alone.
This means that after tax, he takes home approximately shs 55 million per day from his MTN dividends.
Mbire’s daily tax remittance highlights his significant contribution to Uganda’s tax base, placing him among the top private individuals sustaining government revenue collection.
The amount he pays daily in tax is higher than many Ugandans’ monthly salaries, further emphasizing his financial influence.
MTN Uganda’s latest financial results show a 30.11% increase in profit after tax, reaching shs 641.55 billion, driven by a 30.5% growth in data revenue (UGX 811.8 billion) and a 24.6% rise in mobile money revenue (UGX 924.4 billion).
The company also recorded a 22.4% increase in data subscribers and a 30% growth in smartphone penetration, which contributed to its strong performance.
To expand its services, MTN invested shs 418 billion in network infrastructure, increasing 4G coverage to 87.9% and 5G sites from 37 to 538. With an EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of shs 1.655 trillion, MTN’s strong growth is reflected in the dividends shareholders, including Mbire, are receiving.
Mbire’s tax contribution underscores the importance of high-net-worth individuals in Uganda’s economy. As one of the country’s leading investors, his contributions directly support government revenue collection, infrastructure development, and public services.
While corporate taxes often dominate revenue discussions, Mbire’s daily tax deduction from dividends is a rare glimpse into the financial obligations of Uganda’s wealthiest investors—a class that continues to shape the country’s economic landscape.
