Economists and tax experts have urged Ugandan Small and Medium Enterprise (SME) owners to exploit opportunities government is offering in the current budget for the financial year 2019/2020.
The experts urge that both the tax and fiscal policies introduced in the current budget can support the development of SMEs in the country if entrepreneurs venture in those sectors that were prioritized by government in the budget speech for the year 2019/ 2020.
The fiscal and tax policy looks at lowering the cost of doing Business, protecting local entrepreneurs against imported goods and Services.
Government in the Budget is looking at supporting local entrepreneurs to have access to cheap loans and also providing Incentives to Entrepreneurs willing to invest in Country.
Under supporting local entrepreneurs to access to cheaper loans, government has capitalized Uganda Development Bank (UDB) and Microfinance Support Centre with enough resources of which business communities can apply for cheaper loans instead of going for the expensive ones from the commercial Banks.
Apart from the funds at the UDB, government has also increased the resources under the Ministry of Gender to finance Women Livelihood program at the same time allocating resources to finance agricultural related enterprises under the Agriculture Credit Facility.
Speaking at the launch of the exercise, KPMG Lead partner Edgar Isingoma said SMEs play a big role in the country’s economy thus the need for government to support their development.
“Although the private sector players such as banks have shown much support towards SMES, in the country government should ensure that the Environment is conducive to SMEs existence,” he said.
The purpose of Top 100 Mid-Sized companies survey is to identify Uganda’s fastest growing small and medium sized companies in order to showcase business excellence and highlight some of the country’s most successful entrepreneurship stories .
The survey depends greatly on integrity of the participating SMEs and its collaboration between KPMG, Daily Monitor, dfcu Bank, Uganda Investment Authority among other partners.
Speaking at the event as one of the sponsor of the survey, dfcu Bank Chief Executive Officer Mathias Katamba said the survey is good for Uganda as country because it brings to the forefront the outstanding achievements of some of Uganda’s most successful and dynamic companies and the people who have been instrumental in driving their growth.
Tony Glencross, Managing Director Nation Media Group said the Survey identifies Uganda’s fastest growing medium-sized companies to show business excellence.
BY SAMUEL NABWIISO