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He said the industry needs protection from unfair competition and disarming tax laws. Valencia revealed that the beer industry is a big and global sector contributing to Uganda’s economic development. Therefore, there’s a need to create a leveled field for the sector to thrive.
He made these remarks while making a presentation on ‘how can tax regime stimulate post-covid-19 investments’ at the ongoing Uganda Economic Forum.
“The main challenges that are facing the beer sector right now are digital tax stamps and illicit alcohol. Despite government banning sachets and implementation of tax stamps, fiscal leakage from illicit alcohol has accelerated. The value of this illicit trade in Uganda is nearly $1 billion not taxed and 1.6 times larger than in 2017,” he said.
He further revealed that in 2020, the total fiscal loss from illicit trade amounted to 458 million in 2020. This is a 29% compounded growth rate since 2017.
Valencia urged the government to increase the competitiveness of formal players. He said this can be done by eliminating digital tax stamps and enforcing the stamp on illicit alcohol, increasing control in the distribution of ethanol among others.
The UG Economic Forum is an annual convening organized by NBS TV. Other partners are Nile Breweries, Uganda Revenue Authority, Uganda Development Bank, Uganda Development Commission, and Ministry of Fiancé among others.
The main aim of the forum is to converge key stakeholders. Especially from the private sector, innovators, government, civil society, academia and the media.
These meet mainly to exchange ideas on Covid-19’s impact and what lies in the further including opportunities and challenges for the economy.
Harriet Ntabazi, the Minister of State for Trade promised that government is working to create a conducive atmosphere for businesses to thrive.
She however emphasized the need for quality products and consistent supply by manufacturers. She said this is one of the key factors to staying competitive.
Gerald Namoma, a senior economist at the Ministry of Finance said there’s a need to create policies that support investment.
“A lot of the policies that we put in place are not aimed at increasing taxes but addressing some of the challenges that manufacturers like Nile Breweries highlighted. Amidst a number of challenges, we are on course to improve on our tax and revenue policies,” Nanoma said.
Check Also;
- Nile Breweries Revives Responsible Drinking Campaign On International Beer Day
- Report Shows Illicit Alcohol Production Is A Key Contributor to Tax Leakage
- African Governments Must Prioritize Agriculture To Drive Inclusive Economic Growth And Development
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![[dropcap]A[/dropcap] section of women in Bugongo parish and Nawangaiza parish in Nawandala Sub County, Iganga District have decried the near-impossible terms set for them to access GROW funds. They have now petitioned their woman member of parliament for Iganga Hon. Kauma Sauda Alibaawo to ask the government for revised terms and conditions. This is to enable them to benefit from the program. The disgruntled women accuse the implementers of the program of charging the money. They are also asking for their land titles and land agreements. They said that such properties are governed by their husbands. These, therefore want the government through their woman MP to intervene and revise the requirements for one to benefit. The women were on Wednesday at Namabwere primary school in Nawandala Sub County. They had gathered in their respective groups to receive over 300 chickens from Hon Alibaawo in her campaign to improve the livelihood of women in Iganga district. Each group was given 50 chicken as start-up capital in their journey to prosperity. Read what some leaders said; Ms Naigambi Lydia from Nawandala Trading Centre says, “They solicited money from us through opening bank accounts and depositing Shs80,000. They also asked for land titles and land agreements from us yet we don’t have such things. I was informed that I needed to have a business with a capital of Shs4m yet my capital was very small.” The chairperson Kisoboka Saving Group in Nawandala Ms. Nakagolo Faith said they were not able to join the program. This is given the many conditions attached. She also asked their woman MP to raise their concerns to the relevant offices. The MP condemned the mode of implementation of the program. She cited that it has turned to benefit the well-off class of women other than the intended group. She further asked the government to intervene saying the current strings attached to the programme are very tight to accommodate a common woman. GROW project is a Government of Uganda initiative that arose out of the need to respond to the needs of women entrepreneurs. This is especially those who want to grow their businesses, sustain their self-employment and create more jobs. Check Also; Iganga District NRM Leaders Urge Museveni To Fulfill Election Promises Of 2021 International Women's Day: Celebrating Progress Towards Equality](https://i0.wp.com/newslexpoint.com/wp-content/uploads/2024/11/Iganga-women-decry-tough-terms-to-access-GROW-funds-e1731738339732.jpg?resize=300%2C160&ssl=1)
