Deputy Speaker of Parliament Thomas Tayebwa has called upon Uganda's business community to play a more active role in driving the country's economic transformation. Speaking at the inaugural National Prayer Breakfast Business Forum held at Parliament, Tayebwa emphasized the need for a strong, responsible, and productive private sector. The forum brought together Members of Parliament, business leaders, and stakeholders to discuss the contribution of the private sector to Uganda's development. Tayebwa's remarks were made in the presence of business leaders from Uganda and several other countries, including Rwanda, Burundi, Nigeria, Tanzania, Germany, India, and Cameroon.
Tayebwa specifically urged businesses to focus on tax compliance, arguing that increasing domestic revenue through voluntary compliance would reduce the pressure on government to introduce additional taxes. He noted that Uganda has the potential to raise its tax-to-GDP ratio to approximately 21 per cent if more businesses and individuals pay their fair share of taxes. Currently, the tax-to-GDP ratio stands at 13-14 per cent, which Tayebwa described as inadequate for financing critical public services such as roads, electricity, water, and healthcare.
The Deputy Speaker also emphasized the need for government and Parliament to create a fair business environment that allows businesses to operate, compete, and grow fairly. He cautioned against selective tax exemptions and preferential treatment that could distort competition and disadvantage businesses that comply with existing regulations. Tayebwa invited members of the private sector to engage directly with Parliament and provide feedback on laws and policies affecting their operations.
Tayebwa challenged the private sector to uphold integrity and accountability, arguing that ethical conduct should not be demanded only from public officials. He said businesses must take responsibility for ensuring that employees and managers operate honestly and protect company resources. According to Tayebwa, fighting corruption and unethical practices should be a shared responsibility involving government, businesses, and citizens.
The Deputy Speaker encouraged entrepreneurs to look beyond profits and consider the broader contribution their businesses make to society. He said a successful business should create employment, support suppliers, contribute taxes, and provide solutions to challenges facing communities. Tayebwa argued that businesses that create meaningful social and economic impact are more likely to build sustainable enterprises and contribute to the long-term development of the country.
Tayebwa also called upon established business leaders to mentor young Ugandans and emerging entrepreneurs. He said experienced entrepreneurs possess valuable knowledge that should be shared with the next generation to help them avoid mistakes and build sustainable businesses. According to Tayebwa, when individual businesses grow, they create employment and increase the purchasing power of citizens, ultimately contributing to broader economic growth.
Participants at the forum noted that stronger cooperation between Parliament and the private sector is important for Uganda's economic transformation. They said regular engagement between policymakers and business leaders can help identify barriers to investment, improve the business environment, and promote policies that support job creation and sustainable economic growth. The National Prayer Breakfast Business Forum provided a platform for reflection, dialogue, and partnership between the political leadership and the business community.
Key points
- Deputy Speaker Thomas Tayebwa urges businesses to focus on tax compliance to drive Uganda's economic transformation.
- Tayebwa emphasizes the need for a fair business environment and integrity in business practices.
- The Deputy Speaker encourages established business leaders to mentor young entrepreneurs to build sustainable businesses.
