Stakeholders Discuss Tax Impact on Uganda’s Banking Sector & Economy 

As Uganda’s fiscal landscape readies itself for a new course which is expected to follow the proposed tax changes, I&M Bank hosted a dialogue to enable key stakeholders to digest the effects of taxes on the banking sector and on the economy.

The dialogue organised in partnership with the ACI Financial Markets Association was held at Golden Tulip Hotel where economist and tax expert Trevor Lukanga Bwanika led the discussion on the proposed tax reforms and 

their potential effects on various businesses.

Under the theme, “Impact of Tax Proposals on the Banking Sector and the Broader Economy”, Bwanika provided insights on the benefits of tax compliance by businesses whilst highlighting the setbacks that could happen to the economy if tax compliance was not adhered to. 

He also discussed the issue of EFRIS and VAT that has been the hot topic in the country for the last few months

“Taxes such as VAT are going to affect everyone because once this tax is imposed, the cost of goods is going to be higher. The EFRIS is not an amendment it has rather been around it is just being used by URA to collect VAT from everyone who is VAT registered,” said Bwanika.

His words were echoed by Robin Bairstow the CEO of I&M Bank who emphasised the importance of tax compliance.

“Tax proposals impacting the banking sector deserve thorough consideration, as they have far-reaching implications for both financial institutions and the economy at large. We are committed to collaborating with stakeholders to ensure that tax reforms promote a vigorous banking sector while contributing positively to Uganda’s economic prosperity” said Robin Bairstow.

ACI Dealers meeting is a monthly get together for financial markets’ participants in commercial banks. These meetings are aimed at addressing pressing issues affecting financial markets.

The event provided a platform for industry leaders, policy makers, economists and stakeholders with an opportunity to engage in a discussion that helped them understand and navigate the challenges and opportunities in the tax landscape.

In audience were youth, industry leaders, and business moguls like Yunus Mugula of Standard Chartered who graced the event as well to get a better understanding of the ever-evolving taxation landscape.