Deputy Speaker Tayebwa Advocates for Tax Compliance and Business Integrity

During the inaugural National Prayer Breakfast Business Forum, Deputy Speaker Thomas Tayebwa stressed the importance of honesty and tax adherence for Ugandan businesses. He pointed out that the Uganda Revenue Authority (URA) has noted significant gaps where businesses with substantial profits declare minimal tax liabilities.

Tayebwa urged entrepreneurs to transition from informal practices to transparent operations for sustainable growth. “If you are to run sustainable business, transparency is going to be very critical,” he stated.

The Deputy Speaker emphasized that increased tax compliance is crucial for the government to provide essential services and infrastructure. He questioned how Uganda can fund development projects like roads and power generation with a tax-to-GDP ratio below the Sub-Saharan average.

“We can push this ratio to around 21 per cent, where we do not put new taxes on you as business people, but make sure that everyone pays their fair share of the tax,” Tayebwa proposed, aligning with Parliament’s goals.

Furthermore, Tayebwa called for stringent measures against corruption within the private sector, equating it to fraud against Ugandans. He urged the private sector to collaborate with the Legislature to identify and amend laws hindering their growth and employment creation.

He also encouraged established business leaders to mentor emerging entrepreneurs, ensuring the sector’s continuous development and best practice adoption. The forum, held as part of the lead-up to Independence Day celebrations, also featured insights from Emmanuel Katongole of Quality Chemicals and Industries and Minister David Bahati, who echoed the call for hard work and responsibility in building Uganda.