The Commissioner General of the Uganda Revenue Authority (URA) has urged those who have already adopted the Electronic Fiscal Receipting and Invoicing Solution (EFRIS) to assist others who may be encountering difficulties, in order to facilitate the full implementation of EFRIS.
John R. Musinguzi made this appeal during the 7th Annual Bankers Conference held at Sheraton Kampala Hotel on Thursday. He emphasized that when early adopters speak positively about EFRIS, it will reduce the cost of doing business, benefiting both traders and tax collection efforts.
“I encourage all our partners to support us, even those who have doubts and fears, by acknowledging that these systems are beneficial. If technologies like EFRIS are fully embraced, the cost of doing business will decrease,” said Musinguzi.
His call follows recent protests by traders in downtown Kampala, who temporarily closed their shops in opposition to EFRIS before meeting with President Yoweri Museveni.
Musinguzi commended the banking sector for their tax compliance, highlighting them as pioneers of EFRIS, which has facilitated the government’s revenue mobilization efforts.
“I want to express gratitude to the financial sector for its contribution to national development. In the fiscal year 2022-2023, the sector’s contributions amounted to 1.085 trillion,” he stated.
Musinguzi also emphasized the significance of financial technology, stating, “Advancements in financial technology not only enable traceable transactions and efficient data management but also ensure secure record-keeping and automated tax calculations, simplifying the compliance process for taxpayers.”
Representing the Public Service Sector Transformation (PSST), Moses Ogwapus, the Commissioner of the Financial Services Department at the Ministry of Finance, Planning, and Economic Development, highlighted the potential of the financial sector to drive economic transformation in Uganda by increasing savings that flow through banks to stimulate private sector growth.
“The financial sector can catalyze economic transformation in Uganda through various means such as capital allocation, risk management, providing credit for infrastructure development, fostering innovation, and promoting financial inclusion,” he explained.
During the conference, awards were presented to recognize excellence in the banking sector:
- Most Compliant Bank
- Overall winner: Diamond Trust Bank
- First runner-up: Standard Chartered Bank
- Most Innovative Bank
- Overall winner: Guaranty Trust Bank
- First runner-up: Absa Bank
- Best in Client Service
- Overall winner: Stanbic Bank
- First runner-up: DFCU Bank
