URA records surplus after collecting Shs1.8tn in March

News -->

Uganda Revenue Authority (URA) collected Shs1.83 trillion with a surplus of Shs11.1billion in the month of March 2022 against a target of Shs1.82tn making this one of her strongest performances this financial year.

According to URA’s financial results released on Monday, domestic revenue collections in March stood at Shs1.14 trillion against a target of Shs1.17tn, representing a growth of 17.96% (Shs174.7bn) in comparison to March 2021. Major surpluses were registered in PAYE (Shs38.62bn) and Corporate tax (Shs25.09bn).

Meanwhile, customs collections posted a performance of 112.64% and a surplus of Shs87bn after growing to Shs775bn against a target of Shs688bn.

The Customs revenue collections also grew by Shs70.27bn (9.97 %) in March 2022 compared to March 2021 with significant surpluses being registered in; VAT on imports by (Shs49.57 billion), Petroleum duty by (Shs23.23bn), imports duty by (Shs8.8bn) and excise duty by (Shs5.57bn).

According to URA’s Assistant Commissioner Public and Corporate Affairs, Ibrahim Kibuuka Bbosa, the massive growth in collections was partly triggered by the re-opening of the economy, where some of the previously closed sectors and their associated value chains were able to contribute to the revenue basket.

Bbosa said URA will continue to strengthen and implement her revenue enhancement mechanisms with an aim of meeting this financial year’s revenue target of Shs22.36 trillion.

“These include; Tax register expansion- Our register has grown to 2,172,442 taxpayers, and we are targeting to have at least 5 million taxpayers on our register.” Bbosa said

He added that the tax body is committed to strengthening smart business solutions of Digital Tax Stamps and Electronic Fiscal Receipting and Invoicing Solution (EFRIS) to ensure sustainability and expansion on traced and tracked products beyond the current eight products of; cigarettes, beers, sodas, water, wines, spirits, sugar and cement.

Bbossa revealed that in this period, URA have added more products on their tracking system including cooking oil, fruit and Vegetable juices, alcoholic and non-alcoholic beverages, plus fermented beverages.

These solutions according to him have grown the revenue contributions from the VAT and LED tax heads.

“Our automated processes make it attractive for the taxpayer to pay taxes. For example, one can file returns in the comfort of their home and apply for a TIN using their mobile phone.” Bbossa noted.

Furthermore, Bbosa said that URA is also finding taxpayers through its fully-fledged Mobile Tax office that he said helps them to intensify tax education.

“So far, we have one bus and plan to acquire three more so that every region has access to tax services.”

Reader's Comments