August 15—Companies in the KPMG Top 100 Survey recently took part in a forum organised by the international financial services firm with the theme ‘How to manage your tax risk at a time of increasing tax compliance enforcement by the Uganda Revenue Authority’.
The event also gave an opportunity for service providers like Vodafone Uganda to showcase their products.
Other partners represented at the forum were Dfcu Bank, South African Airways, and ICEA. The Top 100 survey is an initiative of KPMG and the Nation Media Group represented locally by Daily Monitor. It has been taking place since 2009 in Uganda and also Kenya and Tanzania. The purpose is to identify Uganda’s fastest growing medium sized companies in order to nurture business excellence and highlight some of the country’s most successful entrepreneurship stories.
Vodafone Uganda was represented by Hurry Mugisha, Head of Small and Medium Enterprises (SMEs). He encouraged small businesses to be innovative and resilient in the marketplace and highlighted the importance of data in the day-to-day business of SMEs.
Mugisha said, “We realize and appreciate the need and importance of internet use for growing businesses. Hence, we joined this partnership to enable the fast growth of businesses through provision of the best internet data.”
SME owners were advised on the best ways of managing their tax risks which may affect their working capital and revenue. Statistics from the Uganda Investment Authority place 49% of SMEs in the service sector, 33% in the commerce and trade, 10% in manufacturing and 8% in other fields. There are over 2.5 million people accounting for approximately 90% of the entire private sector. SMEs contribute up to 70% of Uganda’s GDP, and are therefore an important engine for growth of the economy.