Deputy Speaker of Parliament Thomas Tayebwa has called on the business community to embrace tax compliance, transparency and ethical practices, saying Uganda’s economic transformation depends on a strong and responsible private sector.
Tayebwa made the remarks on Wednesday while speaking at the inaugural National Prayer Breakfast Business Forum held at Parliament, where Members of Parliament and business leaders discussed the role of the private sector in national development.
Emmanuel Katongole, Executive Chairman of Quality Chemicals Industries Uganda Limited, delivered the keynote address. The forum was attended by guests from various countries, including Rwanda, Burundi, Nigeria, Tanzania, Germany, India and Cameroon, among others.
Tayebwa said Uganda is focusing on improving tax compliance and widening the tax base rather than continually introducing new taxes. He explained that increased tax compliance would provide the government with more resources to invest in infrastructure and public services.
“How do you expect us to build more roads, generate more power and provide you with water when we are still hovering around the tax-to-GDP ratio of 13–14%?” he asked.
He said Uganda can raise its tax-to-GDP ratio to about 21 per cent by ensuring that more people and businesses pay their fair share of taxes.
Tayebwa said the government and Parliament also have a responsibility to create a fair business environment, warning that selective tax exemptions and other preferential arrangements can distort competition.
He told members of the business community that Parliament wants to hear directly from them about whether existing policies and laws are enabling businesses to grow and create wealth.
“The government does not create wealth. The government creates conditions which will enable you, the business community, to create wealth,” he said.
He also called for greater integrity within the private sector, saying ethical conduct should not only be expected from public officials. Workers who steal from their employers, he said, should face strong sanctions, just as public officials who steal public resources are held accountable.
Businesses should create impact
Tayebwa challenged entrepreneurs to look beyond making profits and consider the wider impact of their businesses on society.
He said businesses should focus on the solutions they provide to communities through employment, supply chains, tax contributions and other forms of economic activity.
“If the major aim of your business is to make money, then you’re living on borrowed time,” he said.
Mentor young Ugandans and MPs
The Deputy Speaker called on established business people to mentor young Ugandans and other aspiring entrepreneurs, arguing that experienced business leaders have a responsibility to pass on their knowledge and experience.
“Mentor young people. Mentor other business people. One candle can light a thousand candles,” Tayebwa said.
He said the growth of individual businesses contributes to broader economic prosperity by increasing employment and purchasing power.
“If each one of us here becomes rich, then we shall all become richer,” he said.
Tayebwa said the mentorship should also extend to Members of Parliament who want to build successful businesses. He said mentorship could help MPs move away from a mindset of political business, in which they are constantly spending money to win voters, towards building sustainable businesses that can contribute to national development.
If MPs engage in business, he added, they can better appreciate the challenges entrepreneurs face in establishing and growing businesses.
Tayebwa said the experience could also help MPs better understand the concerns of the private sector as they formulate and oversee policies affecting businesses.
Various speakers noted that the forum will strengthen cooperation between parliament and the private sector.