Home News URA confirms her first-ever Surplus this financial year

URA confirms her first-ever Surplus this financial year

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In a statement released on April 11th, Uganda Revenue Authority ( URA), has confirmed its first-ever surplus this financial year registering one of its strongest performances for the month of March and reducing its annual shortfall.

According to the statement, URA collected UGX 1,834.37 billion against a target of UGX 1,823.25 billion, with a surplus of UGX 11.11 billion and a performance rate of 100.61%.

Ibrahim Kibuuka Bbossa, Assistant Commissioner of Public & Corporate Affairs explains that figures were generated from the Domestic revenue collections of a tune of UGX 1,147.36 billion against a target of UGX 1,171.78 billion thus registering a growth of 17.96% (UGX 174.70 billion) in comparison to March 2021 and major surpluses being registered in PAYE (UGX 38.62 billion) and Corporate tax (UGX 25.09 billion)

This was also in addition to the Customs collections which also called for a total of UGX 775.06 billion against a target of UGX 688.06 billion, posting a performance of 112.64% and a surplus of UGX 87.00 billion which he says grew by UGX 70.27 billion (9.97 %) in March 2022 compared to March 2021 and similarly with the revenue in VAT on imports by (UGX 49.57 billion), Petroleum duty by (UGX 23.23 billion), imports duty by (UGX 8.88 billion) and excise duty by (UGX 5.57 billion).

However attributes the steady growth and success to the re-opening of the economy, which he says has opened some windows, especially now that some of the previously closed sectors and their associated value chains were now able to contribute to the revenue basket.

Moving forward, Bbosa says that URA is committed to strengthening and implementing her revenue enhancement mechanisms aimed at meeting this Financial year’s set revenue target of UGX 22.36 Trillion.

These included; Tax register expansion with a tax base increasing to 2,172,442 taxpayers but targeting to have at least 5 million, Strengthening smart business solutions of Digital Tax Stamps and Electronic Fiscal Receipting and Invoicing Solution (EFRIS) with a wide range of beverages now on the list leading to growth from the VAT and LED tax heads, automate the processes thus making it attractive for the taxpayer to pay taxes including one filing returns in the comfort of their home and applying for a TIN using their mobile phone and improvising Mobile Tax office which helps in finding our taxpayers through our fully-fledged Mobile Tax office thus intensifying tax education with so far one bus but planning to acquire three more so that every region has access to tax services.

Bbosa, therefore, encouraged the public to look out for more details on URA’s revenue performance for the period July – March FY 2021/22 this success has pushed the authority to much optimism.

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