In the bustling corridors of Uganda’s business hubs, a debate rages on the implementation of the Electronic Fiscal Receipting and Invoicing System (EFRIS) and its impact on trade. <\/p>\n\n\n\n
At the forefront of this discourse stands the Uganda Manufacturers Association (UMA), advocating for a balanced approach to taxation and trade regulations.<\/p>\n\n\n\n
UMA Chairman, Deo Kayemba, a seasoned voice in Uganda’s business community, acknowledges the importance of EFRIS in ensuring accurate tax administration. However, he raises concerns about the abrupt rollout of the system, which has left many taxpayers bewildered and resistant to change.<\/p>\n\n\n\n
Kayemba emphasizes the need for proper education and sensitization to ease the transition to EFRIS, echoing sentiments shared by business operators who feel burdened by what they perceive as double taxation. Despite Uganda Revenue Authority’s (URA) efforts to engage with stakeholders and clarify misconceptions, He urges a more gradual implementation process to allow businesses to adapt.<\/p>\n\n\n\n
One of UMA’s key proposals is to revise VAT imposition criteria, suggesting that businesses with a capitalization below $50,000 should be exempt. This, they argue, would alleviate the burden on smaller enterprises and encourage investment.<\/p>\n\n\n\n
The association also advocates for fair competition, particularly in light of manufacturers establishing retail outlets, which poses challenges for smaller traders. Kayemba calls for swift implementation of the Competition Act 2023, urging the establishment of a committee to operationalize its regulations and ensure a level playing field.<\/p>\n\n\n\n
In the textile industry, UMA’s stance on recent duty rate changes has sparked debate. While protesting traders demand a suspension of specific duties on fabrics and garments, citing viability concerns, Kayemba defends the measures as vital for safeguarding the local textile sector against unfair competition from imports. He highlights the positive impact of recent tax amendments in stimulating local investment and job creation.<\/p>\n\n\n\n
As tensions simmer and stakeholders continue to voice their concerns, the need for constructive dialogue and collaboration between government agencies and the business community becomes increasingly evident. In navigating the complexities of EFRIS implementation and trade regulations, finding common ground is essential to foster a thriving business environment that benefits all stakeholders.<\/p>\n","protected":false},"excerpt":{"rendered":"
In the bustling corridors of Uganda’s business hubs, a debate rages on the implementation of the Electronic Fiscal Receipting and Invoicing System (EFRIS) and its impact on trade. At the forefront of this discourse stands the Uganda Manufacturers Association (UMA), advocating for a balanced approach to taxation and trade regulations. UMA Chairman, Deo Kayemba, a […]<\/p>\n","protected":false},"author":4,"featured_media":3091,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29],"tags":[],"class_list":{"0":"post-3090","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-livenews"},"yoast_head":"\n