The Minister of Justice and Constitutional Affairs Norbert Mao says for the Uganda Registration Services Bureau to hit its target of Shs90 billion as non-tax revenues, the bureau needs to harmonize its systems to favour the junior businesses to be able to compete with the giant businesses.
Mao was speaking during the launch of the Mass Business Registration Strategy dubbed “KIRI EASY FORMALIZE TODAY”
Whereas business formalization in Uganda has undergone tremendous reforms and improvements, over 53 per cent of business operators are still operating in the informal sector which is narrowing the target of the non-tax revenues.
To curb this, the Uganda Registration Services Bureau has today unveiled a mass business Registration strategy aimed at creating awareness among the business community from the private sector to formalize their businesses.
“This initiative that we have unveiled today will cater for all classes of people, be it in the village and town whether you have a small business or large, the common goal is formalization”, Kainobwisho said.
According to the Minister of Justice and Constitutional Affairs Nobert Mao, the bureau needs to harmonize its operation to give room for small businesses to compete with giant businesses, if the bureau is to hit its target of non-tax revenues.
“The bureau needs to harmonize all its registration operations if they need to collect that target of 90 billion shillings small businesses need also to compete,” Mao said
The Permanent Secretary and Secretary to the Treasury Ramathan Ggoobi tasked the business community to formalize if they are to receive the Shs200billion small business recovery to jumpstart their businesses that experienced shocks during the pandemic.
“Over 87% of businesses that experienced shocks during the pandemic are still struggling to get the small Business Recovery of 200 Billion but even up to now businesses that are not registered have not got the money,” Ggoobi said