Deputy Speaker of Parliament Thomas Tayebwa has called on Uganda's business community to prioritize tax compliance, transparency, and ethical practices. He made the remarks at the inaugural National Prayer Breakfast Business Forum held at Parliament, where Members of Parliament and business leaders discussed the private sector's role in national development. Tayebwa emphasized that Uganda's economic transformation relies on a strong and responsible private sector.
Tayebwa highlighted Uganda's focus on improving tax compliance and widening the tax base rather than introducing new taxes. He noted that increased tax compliance would provide the government with more resources to invest in infrastructure and public services. The country's current tax-to-GDP ratio stands at 13-14%, and Tayebwa aims to raise it to about 21% by ensuring more people and businesses pay their fair share of taxes.
The Deputy Speaker emphasized the government's responsibility to create a fair business environment, warning that selective tax exemptions and preferential arrangements can distort competition. He encouraged the business community to share their views on existing policies and laws, stating that Parliament wants to hear directly from them about whether these policies enable businesses to grow and create wealth.
Tayebwa called for greater integrity within the private sector, stating that ethical conduct should not only be expected from public officials. He advocated for strong sanctions against workers who steal from their employers, just as public officials who steal public resources are held accountable. This, he believes, will promote a culture of ethics and responsibility in the business community.
The Deputy Speaker challenged entrepreneurs to look beyond making profits and consider the wider impact of their businesses on society. He encouraged businesses to focus on providing solutions to communities through employment, supply chains, tax contributions, and other forms of economic activity. Tayebwa believes that businesses should create a positive impact on society, rather than solely focusing on profits.
Tayebwa called on established business people to mentor young Ugandans and aspiring entrepreneurs, arguing that experienced business leaders have a responsibility to pass on their knowledge and experience. He also extended this call to Members of Parliament, who can benefit from mentorship to build sustainable businesses that contribute to national development.
The inaugural National Prayer Breakfast Business Forum was attended by guests from various countries, including Rwanda, Burundi, Nigeria, Tanzania, Germany, India, and Cameroon. The forum aims to strengthen cooperation between parliament and the private sector, with various speakers noting its potential to promote economic growth and development in Uganda. Emmanuel Katongole, Executive Chairman of Quality Chemicals Industries Uganda Limited, delivered the keynote address.
Key points
- Deputy Speaker Thomas Tayebwa urges business community to adopt tax compliance, transparency, and ethics for economic transformation.
- Uganda aims to raise its tax-to-GDP ratio to 21% by ensuring more people and businesses pay their fair share of taxes.
- Tayebwa calls on established business people to mentor young Ugandans and aspiring entrepreneurs to promote sustainable businesses and economic growth.
