Sunday, July 21, 2024
Home > News > URA Targets 18% Tax To GDP Ratio In Four Years
News

URA Targets 18% Tax To GDP Ratio In Four Years

URA Commissioner General, John Musinguzi.

The Uganda Revenue Authority (URA) is focusing on growing the Country’s tax to GDP ratio.

Currently, Uganda’s tax to GDP ratio stands at 14%.

According to URA Commissioner General, John R. Musinguzi, when he joined URA three years ago, Uganda’s  tax to GDP ratio was 11.99%.

Speaking at a thanksgiving service held on Saturday at URA headquarters in Kampala, Musinguzi said that in the next 2-4 years, URA will concentrate on growing the country’s tax to GDP ratio.

“In the next 2-4 years, we shall cross 18% (tax to GDP ratio) and it is possible. As the URA family, we are dedicating ourselves to this cause,” he said.

He added: “For any nation to develop, you need collect at least 18 to 20% of your GDP. Many nations of the world collect 30-40% of their GDP. No wonder they have enough to take care of their businesses, and even lend some to us.”

Musinguzi said it’s not going to be easy but they must do it.

“We shall serve you honestly and it is difficult because the temptations are real. Some of our brothers and sisters fail to cross that line but we try and when you fail to cross that line, you are supposed to leave and we have lost quite a number- sadly! We are committed to the path of integrity, automation, trying to make systems more efficient, more accountable, so that taxpayers can pay from the comfort of their areas,” Musinguzi said.

He also praised God for enabling URA to hit the revenue collection target in the last financial year.

“I thank the Lord for changing the name, mark and brand of this organization. We had gone for 5 full years without hitting the target but I thank the Lord for using us to hit the target because it takes teamwork, commitment and hard work,” he said.

This Financial Year, the URA has a target of collecting slightly above Shs 29 trillion.

Leave a Reply

Your email address will not be published. Required fields are marked *