Justice George Okello said that everyone stands to gain when businesses thrive noting that the government takes deliberate measures for tax incentives, especially the amendments of waiving interests and tax grace periods during the COVID-19 period.
The Uganda Registration Services Bureau (URSB) has embarked
on a countrywide campaign to popularize the Insolvency Amendment Act 2022 and the
importance of business registration.
The campaign which targets legal practitioners,
policymakers, and business owners is being conducted to build capacity, create
awareness, and drive the public to understand URSB and create positive impacts
on businesses.
It also seeks to keep businesses afloat and instill mindset
change and skilled business owners on how to keep their businesses alive or
close them decently.
On Thursday, URSB held trainings for the northern
regional business owners and legal practitioners over the same.
The meeting was attended by Resident Judge of Gulu Circuit,
Justice George Okello, URSB Deputy Registrar Alex Anganya, Director Insolvency
and Receivership Robert Mugabe, and Manager Registration and Compliance Allan
Kakungulu.
It was held at Bomah Hotel in Gulu City drawing over 300
participants.
Justice Okello said that everyone
stands to gain when businesses thrive noting that the government takes
deliberate measures for tax incentives, especially the amendments of waiving
interests and tax grace periods during the COVID-19 period.
He added that there should be a mindset shift from looking
from corporate failure to corporate recovery noting that businesses should be
supported instead of being liquidated.
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Alex Anganya, the URSB Deputy Registrar urged business
owners to register their businesses to benefit from the government
support.
He disclosed that this week the government launched the mass
business registration project which targets to support registered struggling
businesses with over 200 billion shillings.
He said that business registration presents a lot of
potential, adding that business owners should not attribute registration to
taxation lest they get stuck.
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The training also took legal practitioners through
becoming part of the Insolvency Practitioners’ Association.
Allan Kakungulu, the URSB Manager for Registration and
Compliance noted that the government will introduce courses and mandatory
training for practitioners in handling insolvency.
He highlighted that the Insolvency Act 2022 as amended
provides for advertising of business before close for wide circulation and
alertness, provides for asset procedure, prioritizes creditors over
preferential debts, provides post-arrangement financing, post-administration
financing and certification of dissolution among others.
Samuel Odonga Otto, a lawyer and business owner in Pader
district welcomed the engagement saying that he was unaware of the amendment.
Emmy Daniel Ojara
Freelancer