The Commissioner General of Uganda Revenue Authority (URA) John Musinguzi has revealed that the tax body registered a surplus of Shs1 trillion in the first quarter of the financial year 2020/2021.
This financial year 2020/21, URA is expected to collect Shs19.6 trillion, compared to last financial year target of Shs20 trillion.
During the First Quarter, the net revenue collections were Shs4 trillion against a target of Shs2.9 trillion performing at 135.69 per cent. A significant surplus of Shs1 trillion was posted.
“As a tax administration, we recognize that this year has been particularly difficult due to the Covid-19 pandemic. We are doing all we can within our means to support businesses to remain afloat,” Musinguzi said.
According to Musinguzi, despite Covid-19, URA registered Shs64.80 billion revenue growth during the period July to September 2020 compared to July to September 2019. The growth registered in September (8.27 per cent) and August (1.40 per cent) shows a resurgence from the impact of Covid 19. Declines in revenue were posted in April, May, June and July 2020.
“Domestic taxes collection during the first quarter Shs2.4 trillion was collected, performing at 131.66 per cent and Shs590.75 billion above the target. Domestic Taxes registered a growth of Shs51.01 billion (2.12 per cent) during the period compared to the same period last financial year,” he said.
International trade tax collections were Shs1.7 trillion, performing at 138.87% with a surplus of Shs479.79 billion. Compared to the same period last financial year, customs tax collections grew by Shs23.93 billion (1.42 per cent).
“In a special way; I thank taxpayers who continuously fulfill their obligations amidst Covid19 impact. Because of your commitment, we have been able to register great revenue results in the first three months of the financial year.”
He applauded taxpayers who have continuously fulfilled their obligations amidst the impact of the Covid-19 pandemic. “Because Of you, we have been able to register great revenue results in the first three months of the new financial year,” he said.
Credit: theugandan.com
