Mayiga wants tax holiday for local investors

The Katikiro of Buganda Charles Peter Mayiga, has asked government to grant a tax exemption to local investors to increase production of locally-made products.

Mayiga made the call during the opening of the Senana Hypermarket building on Kampala road.

He reasoned that such tax holiday would boost and motivate local investors to increase production.

"Whenever government needs money, these investors are taxed the more. I am not saying that taxes are bad but must be relatively collected. Government needs to ease the work of locals who are willing to set up investment in their own country," Mayiga said.

He observed that hand-picking on the people to pay taxes is not healthy to the economy of the country and suggested that taxes be collected from businesses across all levels.

"With the current population in Uganda you can be surprised to know that about 85,000 are registered tax payers and the rest are not paying taxes. This means that only a few popular investors and business people are paying."

The law permits government to explore means of attracting investments and boosting production, by granting several tax exemptions on Value Added Tax (VAT), Withholding Tax and Income Tax, among others.

Meanwhile, Mayiga challenged the Baganda people to emulate the few successful local investors to enable development of the Buganda Kingdom.

He also urged them to be trustworthy and helpful to each other to enable equal and steady development in the country.

Prominent businessman Godfrey Kirumira, pleaded with government to reconsider the taking over of Crane Bank.

He said the locally owned bank only needs support to recover the losses.

"I have accounts in different banks but they are not easy to deal with like it was with Crane Bank. In other banks to get a loan they can even ask for your will," said Kirumira.

The businessman encouraged women to be assertive in the business ventures, to enable them realise gender equality.

"When Frida Nabirongo had plans to buy this place, she consulted me, I contacted Sudhir [Ruparelia] who sold it to her.

"We were the first men to build in the centre of Kampala but she has gone on record to be the first woman to build a shopping centre in the city centre on an acre of land. We are challenged," Kirumira said in praise of the owner of the newly constructed Senana building.

On his part, Msgr Expedito Magembe urged believers to seek blessings from God in their businesses.