KAMPALA, – Four major foreign business chambers convened in Kampala this week for the second Foreign Chambers Policy Summit, pressing the government for clarity on new legislation and tax measures ahead of Uganda’s largest-ever national budget. Financial sector leaders, including dfcu Bank, also weighed in on support for key growth sectors.
The summit brought together the American Chamber of Commerce, the British Chamber of Commerce, the French Chamber of Commerce, and the Netherlands Uganda Trade and Investment Platform to analyse how recent laws will impact foreign investment.
Educate and Advocate
Evelyn Zalwango, General Manager of the American Chamber of Commerce, said the event helps members dissect government policy and its impact on business.
“We analyse the budget, what are the effects, what are the opportunities for businesses that are part of these chambers?” Zalwango said. “We are also analysing the Protection of Sovereignty Act that was passed, the Employment Act. If maternity leave is increased, what happens to my business? Do I have to find a replacer?”
She added that the U.S approach under the new administration is shifting “from aid to trade and investment,” making policy advocacy critical to attract investors.
Sovereignty Act: ‘Business as Usual’ for Most
Philip Karugaba, with ENS Advocates, said foreign firms were very concerned when the Protection of Sovereignty Act was debated, noting it drew the most public participation ever for any bill in Uganda.
“But after public input, the government adjusted the bill. For most businesses, it doesn’t matter where your capital comes from; it’s business as usual,” Karugaba said. “Unless you’re here to do politics, or unless you’re a bank or money remittance agency, then there’s some restriction.”
He urged continued civic engagement: “Business was able to have a better outcome through its participation in Parliament. We should raise our civic competence.”
Tourism, Taxes and Compliance
Anna Grodzki, Managing Director of Matoke Tours and a board member of the Netherlands Uganda Trade and Investment Platform (NUTIP), said the summit “bridges a gap of communication between public and private sectors.”
Representing tourism, Grodzki noted ambitious growth plans for the sector, saying, “We want to know how we can comply, how we can support this growth, and how the government can also support us as employers, as investors.”
Banking Sector: Focus on Backbone Industries
Kate Kiiza, Executive Director, Corporate and Institutional Banking at dfcu Bank, also addressed the summit, outlining the bank’s support for Uganda’s growth sectors as the budget expands.
“We have chosen eight sectors that are the backbone of Uganda, from agriculture and manufacturing to infrastructure and energy ahead of first oil,” she said. “We decided we can’t be everywhere all the time, so we need to focus on the key sectors, understand those sectors, and be there for them.”
Kiiza emphasized dfcu’s country-wide footprint, saying, “Wherever there is business, we are there. We can’t just transform lives in Kampala, and we also focus on women in business because if you touch a woman, you actually develop the nation.”
She noted that dfcu is backed by Rabobank, “the biggest agriculture bank in the world,” and pointed to Uganda’s untapped potential compared to the Netherlands.
“When you look at the land the Netherlands has and the amazing things they do, and you look at our land in Uganda, the irony is not lost on you,” Kiiza said.
Govt: Wider Tax Base Key to Growth
Hillary Emmanuel Musoke Kisanja, senior presidential adviser for agribusiness and value addition, said the summit helps “bridge government and the private sector.” He highlighted URA’s push to expand the tax base through technology like the e-system.
“In the past, very few people have been contributing to the tax base because of informality, tax evasion, and corruption in the tax system,” Musoke said. “With a broader tax base, we’ll save money for industries, for the roads investors need, for dams, for electricity, for irrigation.”
He stressed investors need more than tax holidays: “They need a 360-degree environment to make sure they are comfortable.”
Biggest Budget Yet Means More Scrutiny
Andrew Kintu, who leads the Transaction Advisory Team at Grant Thornton Uganda, said this year’s budget is Uganda’s biggest ever and will rely heavily on domestic revenue.
“We are going to expect more taxes. URA to have a lot more compliance checks to bring more businesses and individuals into the money economy,” Kintu said. He cited changes including higher VAT registration thresholds and a new withholding tax on interest from foreign lenders.
“Taxes have existed from biblical times. What we encourage is proactive planning,” he said. “Do not wait for the revenue authority to come.”
He noted incentives remain for priority sectors agro-industrialisation, tourism, minerals, science and tech, plus upcoming projects tied to AFCON, which should “lower the cost of doing business.”
Why It Matters
The summit signals coordinated lobbying by Uganda’s main foreign investor groups and local financial institutions as the government rolls out new laws and a record budget. With URA under pressure to meet revenue targets, businesses are seeking clarity on compliance and stability.
“We are land-linked, not land-locked,” dfcu’s Kiiza said. “If we are to go far, and I believe we must, we need to move forward together.”
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