In a related discussion, Hon. Ssemwanga has called upon the executive branch to devise a new taxation policy aimed at alleviating the current challenges encountered by traders. Ssemwanga’s proposal seeks to explore innovative solutions to the issues hampering the trading sector.

Highlighting the financial hurdles confronting city traders, Hon. Gyaviira Ssemwanga of Buyamba County has emphasized the need to enhance the capitalization of public banks. He suggests that bolstering the financial capacity of these institutions would enable them to exert greater control over the banking market, potentially mitigating challenges such as high credit costs and lengthy processing times experienced by traders.

Ssemwanga further underscores the adverse impact of exorbitant interest rates imposed by moneylenders, which can soar as high as 102% per year. Such astronomical rates force traders into precarious financial arrangements, exacerbating their financial burden and hindering their economic viability.

Recognizing the escalating tensions between city traders and the government regarding the implementation of the Electronic Fiscal Receipting and Invoicing System (EFRIS), Speaker Anitah Among has called for constructive dialogue to resolve the stand-off. Among emphasizes the importance of open communication and collaborative problem-solving to address the concerns of both parties and find mutually beneficial solutions.

The parliamentary discussions on the opening day of the week are reflecting a concerted effort to tackle the systemic challenges faced by traders and to foster a conducive environment for economic growth and prosperity.

As of today, 16th April, traders in Kampala have taken the drastic step of closing their shops in protest against the Electronic Fiscal Receipting and Invoicing System (EFRIS), which has yet to be implemented by the Uganda Revenue Authority (URA). This move marks a significant escalation in the ongoing dispute between traders and the government over taxation policies.

The situation in Kampala’s central business district remains tense as the police and military have intensified security measures in response to the traders’ protest. The closure of shops as part of a nationwide sit-down strike has disrupted the usual flow of commerce, amplifying the impact of the traders’ grievances.

At the heart of the protest is the demand for a reversal of the EFRIS system, which traders contend would impose additional financial burdens and administrative complexities on their operations. The refusal to reopen their shops until their demands are met reflects the depth of frustration and dissatisfaction within the trading community.

The heightened security presence underscores concerns about potential unrest and the need to maintain public order amidst the ongoing protests. Authorities are closely monitoring the situation to prevent any escalation of tensions and ensure the safety of both traders and the general public.

Source: The Ankole Times