Civil society raise concerns debt repayment will cripple businesses

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Civil society raise concerns debt repayment will cripple businesses
Traders in Mukono stayed away from business on Wednesday | Herbert Sseryanzi

A group of civil society organisation has warned that many businesses may go on their knees as soon as possible since a large chunk of finances in the National Budget of 2024/ 2025 is projected to cover public debts.

These say that unless government reviews the budget by reducing costs on particular sectors, it won’t hit its target of 32 trillion shillings in tax collection.

As government prepares to cut Shs34 trillion to clear debts from the national budget of the financial year 2024/2025 of Shs72 trillion, experts have projected that many business especially those that participate in taxation may not survive this year.

The programme officer Financing for Development at Southern and Eastern Africa Trade Information and Negotiations Institute, Aloysious Kittengo, says it’s high time government checks challenges of illicit financial flaws or else they won’t hit the target of taxes to be collected.

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