URA Registers Shs 354B Surplus In August Revenue Collection

Posted by: lukwago J in Uganda news September 21, 2020

Uganda Revenue Authority( URA ) has registered another revenue collection surplus of sh354b for August.

Net revenue collection for August closed at sh1.4 trillion against a target of sh1.03 trillion. This followed an earlier sh278b surplus for July.

Cumulatively, in the first two months, the Government collected sh2.58 trillion. But the URA revenue collection is less than sh2.65 trillion. This was collected last year in the same period.

“The good performance is partly attributed to the pick-up in economic activity following the easing of lockdown restrictions. The introduction of the digital tracking mechanisms, especially in factories which helped solve the problem of under declaration of taxes,” URA’s spokesperson Vincent Sseruuma said.

He noted that the best performing sectors included beer production, telecom sector, construction sector, insurance, and financial services as well as international trade.

What is driving the surplus;

“We have re-organized ourselves administratively by creating specialized teams that focus on data analysis and use of technology to improve revenue collection. We have also strengthened our controls on international trade which has enhanced collections from import duty,” Sseruuma added.

Ian Muhimbise Rumanyika, the URA public, and corporate affairs manager said more efficient new tax collection measures such as the digital tax stamps and the electronic fiscal receipting and invoicing system are paying off.

“Businesses are recovering after the impact of COVID-19 measures. Companies that had halted payment following the Government’s measures are now paying,” he said.

Rumanyika added that strategic and efficient internal administrative measures and focus on promoting integrity have translated into revenue yield and a Sh 632b cumulative surplus for July and August.

In August, gross collections from domestic taxes amounted to sh802b against a target of sh638b, registering a surplus of sh164b. Direct domestic taxes (PAYE, corporation tax, individual income tax, withholding tax, and rental income tax) performed at 135.61% with a surplus of sh97b, while indirect domestic taxes performed at 138.75%, registering a surplus of sh102b.

Meanwhile, non-tax revenue collections performed at 115.91% a surplus of sh6.9b. Whereas appropriation in aid performed at 28%, registering a deficit of sh41.6b. International trade taxes performed at 145.39% with gross collections of sh613b against a target of sh421b.

Check also;

This is not a Paywall, but Newslex Point's journalism consumes a lot of time, hard-work and money. That's why we're kindly requesting you to support us in anyway they can, for as little as $1 or more, you can support us .

Please use the button below to contribute to Newslex Point, Inc. using a credit card or via PayPal.