By Alice Lubwama
The Federation of small and medium sized enterprises Uganda has called for a fair taxation system of small scale enterprises so that they are able to comply.
In an exclusive interview with the executive Director of the federation John Walugembe said that if the system is not fair, small businesses will avoid some taxes in order to make profits.
Walugembe also asked Uganda Revenue Authority to educate the small business on what tax they should pay because many of them are uninformed.
The executive director Stanbic bank Uganda Emma Mugisha said that the 3 months training for SMES is intended to help them sustain their businesses in order to grow into corporate.
Mugisha said that the bank started the training program on realizing that Uganda is an entrepreneurial country but many of the small and medium enterprises collapse on the way so the program will help them scale up their operations in a professional manner.
Stanbic bank Uganda was awarded over 350 small and medium enterprises with certificates in business enterprise development ,
Uganda was ranked as a top entrepreneurial country in the world with over 160,000 small and medium enterprises that account for 90% of the entire private sector.
The sector employs over 2.5 million people and contributes 20% GDP .