Deputy Speaker urges investors to pay taxes for sustainable growth

Deputy Speaker of Parliament, Thomas Tayebwa, has called on investors to adhere to Uganda’s tax laws, highlighting tax compliance as a fundamental requirement for sustainable business growth both within the country and across the East African region.

During the 7th Bi-annual Private Sector CEOs Retreat held at the Uganda Wildlife Education Centre in Entebbe, Tayebwa stressed that a conducive environment for business, characterized by peace and security, has been established by the government. He asserted that tax revenue is essential for funding government initiatives and that a business’s ability to grow is directly linked to its tax compliance.

“Tax compliance is a very important component of business success,” Tayebwa stated. He further elaborated that international partners often inquire about a company’s tax contributions as a key indicator of its financial health and operational integrity. Companies that struggle with tax obligations may find it difficult to attract foreign investment.

The Deputy Speaker also encouraged entrepreneurs to strengthen local supply chains, advocating for Ugandan firms and Small and Medium Enterprises (SMEs) to be integrated into their manufacturing processes. This, he believes, would not only support local businesses but also enhance product traceability.

Discussions at the retreat also touched upon the need for innovation and industrialization. Minister of Science, Technology and Innovation, Jonard Asiimwe Akiiki, urged innovators to focus on commercializing their ideas to generate revenue and shorten the path from prototype to market. Minister of Energy and Mineral Development, Dr. Monica Musenero Masanza, emphasized industrialization as a key driver for job creation and economic progress, particularly in adding value to agricultural products.

Irene Birungi Mugisha, CEO of the Presidential CEO Forum, echoed the call for local manufacturing to boost foreign exchange earnings and stimulate economic activity within Uganda, stressing the importance of value addition across various sectors.