The Deputy Speaker of Parliament Rt Hon Thomas Tayebwa, has called upon investors to ensure they comply with the country’s tax policies to ensure growth and development of their businesses both domestically and in the region.
“Government has put in place an environment that can enable you to grow, there is peace and security…….. You have to pay tax, whatever you’re asking us, we need money for it, the first yardstick for your business to grow is on tax compliance” he said.
Mr Tayebwa made the remarks while addressing Chief Executive Officers (CEO’s) from different sectors, during the 7th Bi-annual Private Sector CEO’s retreat at the Uganda Wildlife Education Center (UWEC) in Entebbe on Thursday last week.
“Tax compliance is a very important component of business success, if you’re going to get an international partner when your company has matured, most of them after asking your turnover, the next thing is how much you pay in taxes and if you start telling them for us we manage taxes, that’s an immediate turnoff”.
Tayebwa further urged entrepreneurs, to localise supply chains so that Ugandan firms and
SMEs (Small and Medium Enterprises) can feed their factories and eases traceability of the products origin.
“Ugandans, we are the ones who say we need local content, we need to supply government, but when in your factories, we don’t allow Ugandans to supply you and you go to China yourself” he said.
The Minster for Science, Technology and Innovations in the Office of The President, Jonard Asiimwe Akiiki said there is need for innovators to open their minds to commercialisation in order to earn revenue from their products.
“We must shorten the journey from prototype to bankable enterprise and coordinate our institutions so innovators do not spend their best years working from office to office. We must use procurement strategically. Expand patient capital, enforce quality, support certification, and open regional and continental markets” he said.
He added, “Uganda will not become a USD 500 billion economy by producing 10 times more of the same things in the same way. That tenfold growth requires a more complex economy, one that converts knowledge into products, raw materials into sophisticated exports and Ugandan companies into globally competitive enterprises” he said.
The minister for Energy and Mineral Development in Uganda Dr. Monica Musenero Masanza, said there is need for producers to embrace industrialisation in order to add value to their products, to fetch higher profit.
“The biggest driver of gainful employment in any nation is industrialisation, without industrialisation, you will not have services, primary production of agriculture will struggle because they do not have the industries to push them ahead” she said.
The Chief Executive Officer (CEO) Presidential CEO Forum, Ms Irene Birungi Mugisha said there is need to proactively encourage industries to start manufacturing products locally, to ensure higher foreign exchange on the global market.
“They don’t have to be built by Ugandans, but they have to be built in Uganda, and they are adding value to every sector, most of that money goes into products, many of these products do not need rocket science to manufacture. All we need are courageous Ugandan investors or people who are manufacturing these things to come and set up home here” she said.
