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URA Misses First Quarter Target By Nearly Half A Trillion Shillings

URA Misses First Quarter Target By Nearly Half A Trillion Shillings

Uganda Revenue Authority (URA) has missed its target for the first quarter of the financial year 2021/22 by Shs 499.49bn. Out of the projected Shs 4.959 trillion target set by the government, the tax body managed to collect only shs 4.459 trillion.

However, there has been a registered revenue collection growth of shs 389.7 billion from the 2020/21 collections of the same period.

John Musinguzi, the URA Commissioner General said continued government restrictions on some sectors have affected the supply chain partly.

This has hence disrupted the market like restaurants, hotels, events institutions, and many more.

On top of that, he said that the restrictions have also influenced domestic tax performance with numerous deficits; VAT by shs 223.64 billion local excise duty at shs 77.27 billion, corporate tax at shs 24.74 billion, and rental income tax at shs 19.49 billion.

Under the international tax performance, the country registered a decline in imported fuel volumes by 30.39 million litres.

More to that, tax yields from imports also declined by shs 8.655 billion. This is compared to the same period last financial year.

Despite the missed target, the commissioner general is optimistic that the authority will collect the remaining tax by the end of the financial year. This will start with the shs 6,104.64 trillion for the second quarter.

Meanwhile, the tax body managed to register 65,666 new taxpayers in the same period. This expanded the tax base to 1,849,159 payers.

In the same period, URA customs enforcement managed to recover shs 22.38 billion from the 2,161 seizures; the investigations also recovered Shs 24.28 billion from the 38 cases.

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