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URA Records Shs15Trn Revenue Collection, Set To Surpass 2018/19 Shs16.3Trn Target

Uganda Revenue Authority (URA) has so far registered a gross revenue collection of Shs15.041 trillion in the current financial year 2018/2019, Business Focus has learnt. This represents about 89.5% of the 2018/19 tax revenue collection target.

The collection registered as at 31st May 2019 is part of the total Shs16.3 trillion targeted revenue collection at the end of the financial year on 30th, June 2019.

According to figures obtained from URA, net revenue collections stood at Shs14.74 trillion as at 31st May 2019 while net surplus was recorded at Shs304.2 billion.

According to URA, the tax body has surpassed revenue targets for the first three quarters, implying that the Shs16.3 trillion target will most likely be exceeded.

 URA Commissioner General, Doris Akol revealed that they still face challenges in domestic revenue mobilization, noting that some policy measures that were passed by Parliament have not been fully implemented.

She gave an example of the suspended Withholding VAT and the excise duty on Mobile Money transactions which was initially 1% and subsequently reduced to 0.5%. She also noted that the 1% tax on Agriculture met resistance and failed to perform.

Akol further cited the increasing illicit trade and smuggling especially because of the existence of porous borders through which Uganda loses an estimated Shs21 billion.

URA is expected to collect Shs18 trillion to support the Shs40.5 trillion 2019/20 budget.

Speaking at the launch of the National Budget Month at Kololo Ceremonial Grounds yesterday, Akol said the tax body has invested a lot of money, time and effort in processes aimed at easing tax payment and compliance.

“We can be accessed easily across the country,” Akol said, adding that they are prepared than ever before to collect taxes in an efficient manner.

“As URA, we are committed to continue bridging the gap between ourselves and the taxpayers. We are what we are because of the taxpayer and we promise to proactively continue improving our services,” Akol said.

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Taddewo William Senyonyi
https://www.facebook.com/senyonyi.taddewo
William is a seasoned business and finance journalist. He is also an agripreneur and a coffee enthusiast.

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