Stanbic Bank
Stanbic Bank
Stanbic Bank
Stanbic Bank
23.7 C
Kampala
Stanbic Bank
Stanbic Bank
Stanbic Bank
Stanbic Bank

Tax regimes should favour FDI – Finance Minister

Must read

Finance Minister Matia Kasaija has said Africa’s tax regimes should attract foreign direct investments (FDIs) and maximize domestic revenue mobilization.

Minister Kasaija made the remarks today at Lake Victoria Serena Hotel Kigo, as he opened a two-day inaugural high level tax dialogue hosted by the Uganda Revenue Authority (URA) under the African Tax Administration Forum (ATAF).

The dialogue is being held under the theme, ‘Forging the nexus between tax policy and tax administration in Africa’, and in that respect the Minister said dependence on foreign aid was not sustainable. “There is no free aid,” he said.”

Addressing the over 500 participants, the ATAF Executive Secretary, Logan Wort,  said it was high time Africa sought for new ways raising domestic resources to fund its own projects.

“In Africa we must work to fund our own agendas. That is our challenge,” he said this morning in Kampala.

Wort urged African finance policy makers and administrators to minimize tax leakages, saying it hampers revenue mobilization. “When ministers, legislators. Judiciary and revenue authorities work together, water -tight tax systems cannot be broken through,” he said.

The Commissioner General of the Swaziland Revenue Authority Dumisani Masilela also said that time had come for Africa to develop local sources of revenue to fund its development agenda. “Africa must grow endogenous investors to reduce reliance on external funding,” she said.

In picture is the Agenda 2063 which aims to optimise the use of Africa’s resources for the benefit of the continent’s people but this, according to tax administrators and government needs huge funds to address the issues it espouses such education and infrastructure development.

Dr Opoku-Mensah of the Economic Commission for Africa (ECA) urged governments to utilize the domestically generated revenues efficiently. “Mobilising revenue for development in government coffers is one thing, how it is used is another,” he said.

Experts say that Africa’s current income will not lead the continent to Agenda 2063, adopted in 2015 and as such new innovative income sources are required.

At the meeting, among others, participants will discuss ways of mitigating tax evasion driven by the technology. There is also concern that multi-national companies bully some countries and end up not paying taxes.

 

- Advertisement -

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest article

- Advertisement -