URA Optimistic to Hit Shs29.2 Trillion Revenue Collections Target in 2023/24 Financial Year

Uganda Revenue Authority is optimistic that it will hit its revenue collections in the current Financial Year (2023/2024).

The revenue collection in this Financial Year has been set at 29.2 Trillion (29,218.98 billion), which is a noteworthy increase of 4 trillion (4,067.41 billion) or 16.7 percent compared to the previous year (2022/23).

In the FY 2022/23, URA had a net revenue target of Shs 25.1 trillion, however, the net revenue collections for the same period exceeded the target and amounted to Shs 25.2 trillion.

This represented a remarkable 100.23% performance with a surplus of Shs 57.48 billion.

This was partly attributed to the stable and resilient economic performance, enhanced administrative measures, and cooperation of tax taxpayers speaking to the media at URA headquarters, John Musinguzi Rujoki, the commissioner General, said this Financial Year’s target can be achieved given the expected economic growth of 5.5-6.0% and the revenue growth achieved.

He noted that they have devised a comprehensive plan that includes measures such as strengthening tax administration compliance, enhancing the use of data analytics, and artificial intelligence, and engaging stakeholders among others.

“With these initiatives in place, we are confident that we can achieve our goals and contribute to the growth and development of our economy,” he said.