KAMPALA – Kampala businessmen have asked the Speaker of Parliament, Rebecca Kadaga to ensure that the 11th Parliament secures tax reductions for local investors as it is the case with foreign investors.
The businessmen under Dembe properties Ltd said Government intervention is urgently required since they have for long unfair competition from foreign investors who are enjoying numerous incentives.
”Foreign investors have tax holidays which we don’t, they enjoy low interest loans from their countries we don’t, yet at the end of the day repatriate proffits home,” said Hajji Umar.
Katongole, proprietor UK Mall Kansanga.
Katongole made the remarks during the official opening of UK Mall on Thursday 21, January 2021, which Kadaga presided over, flanked by State Minister for Disability and Elderly Sarah Kanyike and Kampala Central MP, Muhammad Nsereko.
Nsereko re-echoed the plight of businessmen who he said lack a competitive advantage over foreign investors and that such curtails the growth of local industries.
“These are the few Ugandans who have come up with their little capital to invest in real estates using bank money, they deserve protection if they are to promote the industry,” said Nsereko adding that “this rental income tax that is not paid by our friends from other countries, should also apply to our local people, we ought to protect the local investors.”
Kadaga said she shares the same plight citing an instance where she attempted to take a loan from local banks for investment but was frustrated by the processes.
“I struggled for about twenty years looking for a loan to complete a hotel construction, the banks required me to commence loan repayment in the next month and I abandoned the whole idea of borrowing,” said Kadaga.
She pledged to continuously advocate for a favorable investment climate for local investors.