Thursday, July 25News That Matters

Local investors thought for a financial bail out due to covid 19effects from government

Local investors who are involved in the manufacturing Industry  appealed to the government to waive the Income tax to enable them recover from the effects of covid 19 .

The plea was made to the Minister of trade Amelia Kyambade as she toured some of the local factories run by Ugandans in Mukono district

Mr. Robert Zikusooka the proprietor of Roykems industries, the makers of Rose Foam mattresses, appealed to the government to avail the local manufacturers with tax holidays, and also remove the income tax from them.

“Government is caring for foreign investors only, because they get tax holidays but we as locals are not enjoying such privileges, we need to have such opportunities in order to have a fair business competition with our chinese and indian counterparts” Said Zikusooka. 

Government should equally treat us like foreign investors, because we employ our own people and invest in our own country, unlike the indians and chinese investors who send all the profits to develop their mother countries.

Zikusooka also lamented to the minister Amelia some of the major challenges they encounter like the poor road network and power shortage at their Namuyenje Newly constructed factory, power is always on and off which hinders their production.

Minister Amelia while reacting to the Local investors promised to report challenges to the cabinet such they are pushed to the next level.

On the issue of the package to bail out the investors who were affected by the covid 19 pandemic, Kyambade however noted that the package is not available because everyone was affected globally. 

“Everyone is crying for a bail out, in Kampala arcades they are crying, markets, schools and factories, so whom should we help and whom should we leave”  asked Kyambade.

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