By Kiyimba Bruno
Many Ugandans have done businesses without much success. Others even give up on ever starting up something for themselves.
The question is why do Ugandan businesses collapse?
Uganda has over 800,000 Small and Medium Enterprises employing over 2.5 million people, which is 90% of the country’s private sector.
The SME contribute 70% of the country’s Gross Domestic Product.
However SMEs lack a platform for negotiations hence they are not listened to by government. The sad note is that SME contribute only 1% of the tax revenue.
At a breakfast meeting that was held on Wednesday at Hotel Africana, speakers from Uganda Revenue Authority and Centenary Bank advised business owners to know how to manage their finances, pay taxes in order for their businesses to succeed.