SEATINI Participates in the Entrepreneurs’ Post Budget Breakfast Dialogue
Entrepreneurs are recognized as engines and catalysts for economic development given their potential to invigorate the economy by creating jobs and new technologies, and increasing productivity.
On 24th June 2022, SEATINI Uganda participated in the Entrepreneurs’ Post Budget Breakfast Dialogue that was organised by the Innovation Village Uganda. The dialogue was geared towards interrogating the implications of the Financial Year 2022/23 National Budget on innovation and entrepreneurship.
The theme for FY 2022/23 National Budget is; ‘‘Full Monetisation of Uganda’s Economy through Commercial Agriculture, Industrialisation, expanding and broadening Services, Digital Transformation and Market Access.’’
While giving his remarks during the dialogue, the keynote speaker, Mr Moses Kaggwa, Director, Economic Affairs at the Ministry of Finance, Planning and Economic Development (MoFPED) noted that government has put in place a favourable tax regime for innovators and Micro, Small and Medium Enterprises (MSMEs) by not introducing new taxes. He further highlighted that there are other supportive measures such as tax exemptions, deductions and Value Added Tax exemptions that entrepreneurs and innovators can tap into.
Ms Jane Nalunga, the Executive Director at SEATINI Uganda while speaking during a panel discussion, observed that the Parish Development Model is the flagship of the FY 2022/23 Budget and government is banking on the same to reach out to people at the parish level. However, she emphasized that unless Parish Development Model addresses the entire value chain with clear focus on markets and market dynamics before stimulating production, then things might not change.
She also challenged MSMEs and entrepreneurs to engage government to tell it what they are bringing to the table.
Mr Hassan Wasajja, Project Manager, Electronic Fiscal Receipting and Invoicing System (EFRIS) emphasized that there is an opportunity for entrepreneurs to build billing systems for VAT taxpayers as the EFRIS/e-receipting policy continues to take full effect.
The panel also included Mr Moses Rutahigwa from Standard Chartered Bank and Mr Allan Ssenyondwa from Private Sector Foundation.
Participants at the dialogue observed that MSMEs face numerous challenges while accessing and penetrating regional markets. They thus, recommended the need to undertake internal re-organization of our economy
The dialogue provided a platform for various entrepreneurs and start-ups to share perspectives and also interrogate the implications of the FY 2022/23 Budget to entrepreneurs and the opportunities therein.
