By Kabuye Ronald
Deputy Speaker of Parliament Thomas Tayebwa has urged entrepreneurs and business people to embrace transparency and honour their tax obligations, saying increased compliance is critical to expanding Uganda’s revenue base and financing national development.
Tayebwa made the remarks on Wednesday, October 7, 2026, while speaking at the inaugural National Prayer Breakfast Business Forum held at Parliament as part of activities preceding Uganda’s Independence celebrations.
He said there was a mismatch between the profits declared by some businesses and the taxes they pay, noting that some business owners generate billions of shillings in profits but declare minimal taxes to the Uganda Revenue Authority (URA).
“We want our entrepreneurs to commit that they will run clean business and pay taxes properly. The informal habits that helped you to start might not help you to sustain a business. If you are to run sustainable business, transparency is going to be very critical,” Tayebwa said.
Deputy Speaker of Parliament Thomas Tayebwa
The Deputy Speaker said increased tax compliance would enable government to provide essential services and finance infrastructure development.
“How do you expect us to build more roads, generate more power and provide you with water, when we are still hovering around a tax to GDP ratio of 14 per cent, yet the sub-Saharan standard is at 17 per cent?” Tayebwa asked.
He said Uganda could raise its tax-to-GDP ratio to about 21 per cent without necessarily introducing new taxes, provided all businesses and individuals paid their fair share.
“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. This is what we want to look at as Parliament,” he added.
Tayebwa also called for stronger action against corruption in the private sector, saying employees who steal from businesses should face serious consequences.
“The way we handle cases of corruption by government officials should be the same way we handle cases of corruption by people who frustrate the private sector. If there is a worker who steals money from a factory, we should not look at it as just a civil matter, but rather use the same iron hand because that person is stealing from Ugandans,” he said.
He further called on private-sector players to engage Parliament and identify laws that constrain their value chains and employment opportunities.
Tayebwa also urged the Ministry of Trade, Industry and Cooperatives to operationalise the Competition Act, 2024, while encouraging established business leaders to mentor young entrepreneurs and promote best practices in the sector.
NETA raises alarm over shilling depreciation
The call for a stronger and more transparent business environment comes as the National Entrepreneurs and Traders Association (NETA) Uganda raises concern over growing economic pressures facing traders, small and medium-sized enterprises (SMEs) and consumers.
NETA Uganda President Dr Musoke Thadeus Naganda with other delegates
NETA Uganda President Dr Musoke Thadeus Naganda called for urgent government intervention to cushion businesses and consumers from the effects of the weakening Uganda Shilling against the United States Dollar and rising fuel prices, which he said have now surpassed Shs7,000 per litre.
Naganda called on the Ministry of Finance, Planning and Economic Development to strengthen measures aimed at increasing Uganda’s export earnings, promoting value addition and local manufacturing and reducing unnecessary dependence on imported goods.
He also urged government to provide greater support to SMEs engaged in production and exports and to regularly consult private-sector associations on the impact of exchange-rate pressures.
According to NETA, commercial banks and other financial institutions should improve access to affordable trade finance, provide predictable foreign-exchange services to legitimate importers and exporters, expand financing for productive SMEs and improve transparency in foreign-exchange pricing and related charges.
In his keynote address, Emmanuel Katongole, Executive Chairman of Quality Chemicals and Industries, emphasised the importance of values such as trust, competence, humility, discipline and integrity in building sustainable businesses.
Emmanuel Katongole, Executive Chairman of Quality Chemicals and Industries
“Integrity reduces the cost of doing business. Profit must never be the only purpose of a business, because an entity that makes impact is stronger than one that is premised on making money,” Katongole said.
He urged government to create an enabling environment for new entrants into the private sector and called on banks to provide affordable capital to businesses.
The co-Chairperson of the National Prayer Breakfast and State Minister for Trade, David Bahati, said the 2026 Prayer Breakfast theme, “Wake Up, Work Hard and Build Uganda,” was a call for Ugandans to embrace enterprise, innovation and responsibility.
“Building Uganda requires a culture of work, enterprise, innovation and responsibility. Government remains committed to creating an enabling environment where entrepreneurs can invest, produce, trade and prosper,” Bahati said.
