URA targets Shs 19 trillion this financial year
Uganda Revenue Authority is expected to collect Shs 19 trillion this financial year, John Musinguzi, the commissioner general said on Tuesday.
Speaking to the media, Musinguzi said during the first quarter of the FY 2020/21 (July to September), the net revenue collections was Shs 4 trillion against a target of Shs 2.9 trillion.
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"A significant surplus of shs 1 trillion billion was posted. Revenue growth of shs 64.80 billion (1.64%) was registered during the period July to September 2020 compared to July to September 2019,"he said.
Musinguzi said the growth registered in September 2020 (8.27%), and August 2020 (1.40%) shows a resurgence from the impact of Covid-19 adding that the declines in revenue were posted in April, May, June and July 2020.
"The domestic taxes collection during the period July to September 2020 were shs 2456.46 billion, performing at 131.66% and shs 590.75 billion above the target. In-addition, the domestic taxes collection registered a growth of shs 51.01 billion (2.12 %) during July to September 2020 compared to the period July to September 2019,"he said.
Musinguzi said international trade tax collections in July to September 2020 were shs 1,714.05 billion, performing at 138.87 percent with a surplus of shs 479.79 billion.
When compared to the period July to September 2019, Musinguzi said customs tax collections grew by shs 23.93 billion (1.42 %) in July to September 2020.
He said in the period July to September 2020, 75.88% of the revenue collected was from the top five sectors.
He said the wholesale and retail sector contributed 30.66% of the revenue, the manufacturing sector contributed 23.17%, 9.30% of the revenue was from the information and communication sector, while the financial and insurance services contributed 7.69% to the revenue in the period. Public administration sector contributed 5.06%.
"There was growth in revenue in some key sectors like manufacturing which grew by 18.54%, information and communication grew by 20.49%, while revenue from the wholesale sector grew by 2.30%,"Musinguzi said.
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