Uganda Revenue Authority (URA) is expected to collect Shs28.831Trn in FY 2023/2024 in revenue, according to information obtained from the National Budget Framework Paper that was tabled before Parliament by Minister of Finance, Planning and Economic Development, Matia Kasaija (pictured).
According to the Ministry of Finance, the Shs28.831Trn will translate into an increase of revenues to a tune of Shs2.580 Trillion up from Shs25.550Trn the Authority is projected to collect in FY 2022/2023 and the Ministry has attributed the increase to gains on account of growth in the economy, and revenue gains from revenue enhancement measures after finalizing both tar policy and tax administration.
“Government will step up efforts to implement the Domestic Revenue Mobilisation Strategy (DRMS) including; closing all gaps leading to revenue losses such as under declarations, falsification of documents, review of exemptions to put in place clear criteria for beneficiaries, sunset clauses to decline cut off points, and carryout a cost-benefit analysis to ensure that the beneficiaries deliver their promised deliverables through effective monitoring of the exemptions,” the National Budget Framework Paper reads in part.
On how Uganda Revenue Authority will attain this revenue collection, the Ministry of Finance revealed that URA is also going to step up taxpayer
education, door-to-door field visits, identification of unregistered taxpayers and enroll them, effective administration of VAT, income tax customs, and rental tax so as to widen the tax base and improve tax collection effort without introducing new taxes and tax rates that tend to fall on the same group.
