By Jumah Kakomo
Religious leaders in Uganda have called on the government to extend tax waivers and incentives to local investors, similar to those offered to foreign investors, as a way of promoting the Buy Uganda, Build Uganda (BUBU) policy.
The call was made by Fr. Edward Muwanga of St. Charles Lwanga Catholic Parish Ntinda Kampala during the opening ceremony of Master Super martket, and Namanve exhibition and business centre on Friday noon. The Centre is a state of the art facility located in Namanve, Uganda. It is a hub for business, trade, and exhibition, providing a platform for local and international businesses to showcase their products and services.
Fr. Muwanga argues that local investors are equally important in driving economic growth and development, and should be supported accordingly.
“We urge the government to level the playing field and provide local investors with the same incentives and tax waivers as foreign investors,” said Fr. Edward Muwanga, speaking on behalf of the religious leaders.
The BUBU policy aims to promote local content and support local industries, but the religious leaders noted that its implementation has been skewed towards favoring foreign investors.
According to Fr. Muwanga, local investors are struggling to compete with foreign investors who receive generous tax waivers and incentives, which he says is unfair and undermines the spirit of BUBU.
He proposed that the government offer tax breaks, subsidies, and other incentives to local investors to enable them to grow and create jobs.
“By supporting local investors, we can create a more inclusive and sustainable economy that benefits all Ugandans,” Fr. Muwanga added.
He further urged the government to review its policies and ensure that local investors receive equal treatment, promoting the growth of local industries and the economy as a whole.
The operations manager of Namanve Exhibition and Business centre, Conrade Mugisha, says high taxation to local investors has greatly deprived the economy. He explained that the excessive taxes imposed on local businesses had stifled innovation, hindered growth, and discouraged investment. “Our local investors are the backbone of our economy, yet they are burdened with taxes that make it difficult for them to operate profitably,” he said.
He cited examples of businesses that had closed down due to high taxation, resulting in job losses and economic stagnation. “We are choking our own economy by taxing our local investors to death,” Mugisha added.
He further urged the government to review its taxation policies and offer incentives to local investors, such as tax breaks and subsidies, to encourage them to grow and create jobs. “We need to create a favorable business environment that attracts investment, not drives it away,” he said.
Denis Matovu Denis, an employee at Namanve exhibition and business centre says the center is a game-changer for the economy emphasizing the importance of having a dedicated space for businesses to showcase their products, connect with customers, and network with other entrepreneurs. “This center provides a platform for us to promote our goods and services, attract new customers, and grow our businesses,” he said.
He highlighted the benefits of the center’s strategic location, state-of-the-art facilities, and supportive environment. “Namanve Exhibition and Business Center is more than just a physical space – it’s a hub for innovation, collaboration, and growth,” Matovu emphasized.
