The Minister of Justice and Constitutional Affairs, Norbert Mao, has suggested that the Uganda Registration Services Bureau (URSB) should streamline its registration processes. This recommendation comes as part of an effort to help URSB achieve its target of Shs90 billion in non-tax revenues. The objective is to make it easier for small businesses to compete with larger ones.
Mao made these remarks during the launch of the Mass Business Registration Strategy, which has been named “KIRI EASY FORMALIZE TODAY.”
Despite significant reforms and improvements in business formalization in Uganda, more than 53 percent of business operators still operate in the informal sector. This situation is impeding progress towards the non-tax revenue target.
To address this issue, the Uganda Registration Services Bureau has unveiled a strategy aimed at raising awareness among the private sector business community about the benefits of formalizing their businesses.
According to Kainobwisho, an official involved in the initiative, “This unveiled strategy will benefit all kinds of businesses, whether small or large, in villages or towns. The common goal is formalization.”