African Union launches s 

Friday, October 27, 2017 

Nepotism killing Uganda SMEs

Kyambadde said that not many people in Uganda set up SMEs for profits but majority do it for survival and peer pressure

KAMPALA, UGANDA- Uganda’s Minister of Trade, Industry and Cooperatives Amelia Kyambadde has decried the increasing employment of family members, clans mates and tribes mates in most Ugandan Small and Micro-medium Enterprises arguing that such unprofessional  recruitment and eventual employment is killing the SMEs.

“It is why most SMEs don’t see the light of the third year. Because people employ their brothers, sisters, wives, uncles and aunts,  professional standards of running a business is compromised hence the collapse,” said Kyambadde at the launch of the Deloitte Small and Medium Enterprises value proposition at Sheraton Kampala.

Kyambadde said that not many people in Uganda set up SMEs for profits but majority do it for survival and peer pressure.

“Work on your selves to grow your businesses. Ugandans have become perpetual beggars,” She said.

Norbert Kagoro the Audit and Assurance Leader at Deloitte Uganda said research shows that Small and Medium Enterprises (SMEs) are the engine for economic growth across Africa.

“In Uganda, the SME sector employs over 2.5 million people , 90% of the entire private sector and generates 80% of manufactured output, which contributes 20%of the gross domestic product,” said Kagoro.

Kagoro said Deloitte is committed to providing SMEs in Uganda access to best in class accounting, relevant compliance and advisory services at an affordable cost.

“Our monthly subscription package will include accounting, monthly management reporting and business insights, preparing of year-end accounts, preparation and submission of monthly tax returns, preparation and submission of the annual corporation tax return and corporate governance,” said Kagoro.

Kagoro said all SMEs of all sizes and across the country can benefit from the Deloitte SME value proposition. “From ambitious start-ups to SMEs who want to grow and achieve scale in Uganda, East Africa and eventually across Africa.”

Lillian Lwantale the Lead SME Services at Deloitte said they will give assistance in registration, prepare tax computations, prepare tax returns, do periodic tax health checks, offer adhoc tax advice, assistance with handling queries with Uganda Revenue Authority and give updates to changes in the law to SMEs.

By EABW REPORTER, Friday, October 27th, 2017