President Yoweri Kaguta Museveni, while officiating at the National Science Week organised by the Ministry of Science, Technology, and Innovation in Kololo Ceremonial Grounds, stated that young industries should be given tax holidays.
During his speech, the President criticised the logic behind taxing innovations from young industries, questioning how young enterprises and industries can be taxed while still giving old companies 10-year tax holidays.
“How can you tax young enterprises and industries when you’re giving these old companies tax holidays for 10 years? The person taxing innovations should go to Luzira Prison. There is no logic behind taxing innovations,” President Museveni stated.
Minister for Science and Technology, Dr. Monica Musenero, announced that Science Week serves as a platform for connecting investors with Ugandan innovations. Over 70 international investors are participating, with the goal of supporting and investing in Ugandan innovations.
“This year’s science week is meant to show how innovation, or science and technology, builds our nation and how scientists and innovators come up with ideas. They transform those ideas into what you see, as we call them prototypes or young ideas. Those ideas needed to mature, and eventually they must end up as an entity that has something to sell,” Dr. Musenero said.
The Science and Technology Minister explained that to ensure this, more than 70 investors have been attracted from all over the world to attend this year’s science week so they can see the Ugandan innovations they can invest in.
The President thanked Musenero for organising the National Science Week, highlighting the exceptional contributions of science and technology to the learning process.
“Uganda has been struggling with the problem of infrastructure, especially electricity. I therefore thank our scientists and the Ministry of Science and Technology for all the work they have been putting in,” President Museveni said.
At the event, several players have been exhibiting products resulting from scientific innovations since Monday, with an emphasis on the use of science to drive economic growth.
This year’s science week under the theme “Tusimbudde” (we have taken off) opened on November 6 and will run up to 11.