Religious leaders in Uganda have implored government to extend tax waivers and incentives to local investors, just like foreign investors, as a way of promoting the Buy Uganda, Build Uganda (BUBU) policy.

On behalf of the religious fraternity, Fr. Edward Muwanga of St. Charles Lwanga Catholic Parish Ntinda Kampala while unveiling the Master Super market, and Namanve exhibition and business centre on Friday, said that the Centre is a state of the art facility located in Namanve, Uganda. It is a hub for business, trade, and exhibition, providing a platform for local and international businesses to showcase their products and services.

He however , appealed to government that local investors are equally important in driving economic growth and development and require support accordingly.

“We urge the government to level the playing field and provide local investors with the same incentives and tax waivers as foreign investors,” said Fr. Muwanga.

The BUBU policy aims to promote local content and support local industries, but the religious leaders note, its implementation has been designed towards favoring foreign investors.

According to Fr. Muwanga, local investors are struggling to compete with foreign investors who receive generous tax waivers and incentives, which he says is unfair and undermines the spirit of BUBU.

He further proposed that the government should offer tax breaks, subsidies, and other incentives to local investors to enable them to grow and create jobs.

“By supporting local investors, we can create a more inclusive and sustainable economy that benefits all Ugandans,” he added.

“The government should review its policies and ensure that local investors receive equal treatment, promoting the growth of local industries and the economy as a whole.”

The operations manager of Namanve Exhibition and Business centre, Conrad Mugisha, indicated that high taxation to local investors has greatly deprived the economy. The excessive taxes imposed on local businesses had stifled innovation, hindered growth, and discouraged investment. “Our local investors are the backbone of our economy, yet they are burdened with taxes that make it difficult for them to operate profitably.”

He cited examples of businesses that had closed down due to high taxation, resulting in job losses and economic stagnation. “We are choking our own economy by taxing our local investors to death,” he added.