Bank CEOs in a group photo with URA boss John R. Musinguzi (Centre) and Moses Ogwapus, the Commissioner of the Financial Services Department at the Ministry of Finance
The URA Commissioner General, John R. Musinguzi has called upon the early adopters of the Electronic Fiscal Receipting and Invoicing Solution (EFRIS) to support their counterparts who are still facing challenges to enable EFRIS fully take off.
He made the call during the 7th Annual Bankers Conference held at Sheraton Kampala Hotel on Thursday.
He noted that when the early adopters testify about the good of EFRIS , the cost of doing business will lower to the benefit of traders and the taxman.
“On this front, I would like to encourage all our partners to support us including those who still have reservations and fear, testifying that these systems are for our good because if technologies like EFRIS take off fully, we will be lowering even the cost of doing business,” said Musinguzi.
His call comes days after traders in downtown Kampala opened their shops which they had closed in protest of EFRIS, before they met President Yoweri Museveni.
Musinguzi applauded the bankers for being tax compliant as the pioneers of EFRIS which has enabled government to seamlessly mobilize and collect revenues from taxpayers.
“Allow me to again appreciate the financial sector for its role in national development. The sector’s contributions in FY 2022-2023 have shown significant growth, reaching 1.085 trillion,” he said.
Musinguzi highlighted the importance of financial technology. “The advancements in financial technology, not only facilitate traceable transactions and efficient data management but also secure record-keeping and automated tax calculations, simplifying the compliance process for our taxpayers.”
Representing the PSST, Moses Ogwapus, the Commissioner of the Financial Services Department at the Ministry of Finance, Planning and Economic Development, said the financial sector can spur economic transformation in Uganda by boosting savings which flow through banks to the private sector growth.
“There are many ways the financial sector can deliver economic transformation in Uganda such as capital allocation, risk management, provision of credit for infrastructure development, innovation, and financial inclusion,” he said.
The winners in the annual appreciation bankers conference are: –
- 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
