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URA Beats Target for First Quarter

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URA Beats Target for First Quarter

by Rogers Atukunda
October 28, 2022
URA Beats Target for First Quarter

URA Commissioner General John Musinguzi releasing the results at URA offices in Nakawa

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Uganda Revenue Authority (URA) has revealed that from July to September 2022, net revenue collections were UGX 5,418.60 billion against a target of UGX 5,132.17 billion thus resulting in a UGX 286.44 billion surplus.

This was announced by URA Commissioner General, John R Musinguzi, while sharing the URA Quarter 1 Revenue Performance Report 2022/23 at the Nakawa based offices on Thursday.

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“This Quarter 1 performance represents a 105.58% improved performance, and a revenue increase of UGX 957.80 billion (21.47%) compared to the same period in the previous financial year (July to September 2021/22),” he revealed.

He said domestic revenue net collections were UGX 3,178.77 Bn against a target of UGX 3,043.66 Bn, resulting in a surplus of UGX 135.10 Bn.

A 104.44% performance and a revenue growth of UGX 581.58 Bn (22.39%) compared to the same period in the previous financial year.

Direct domestic taxes registered a surplus of UGX 37.49 billion; Non-tax revenue posted a surplus of UGX 146.86 billion, while indirect domestic taxes posted a deficit of UGX 51.41 billion.

John Musinguzi

According to Musinguzi, the major surpluses were registered in PAYE (UGX 85.89 billion), casino tax (UGX 17.34 billion), Corporate tax (UGX 14.99 billion), tax on bank interest (UGX 4.69 billion) and rental tax (UGX 1.46 billion).

“On the other hand, slight shortfalls were incurred in withholding (UGX 63.29 billion), VAT (UGX 41.28 billion), Local Excise Duty (LED) (UGX 10.13 billion) and treasury bills (UGX 7.51 billion).”

π‘πžπšπ¬π¨π§π¬ π›πžπ‘π’π§π 𝐭𝐑𝐞 𝐑𝐒𝐠𝐑 𝐩𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞 𝐨𝐟 𝐝𝐨𝐦𝐞𝐬𝐭𝐒𝐜 𝐭𝐚𝐱 𝐑𝐞𝐚𝐝𝐬

He said the Pay As You Earn (PAYE) surplus is attributed to growth in the wage bill witnessed by companies whose PAYE increased due to increased staff numbers.

β€œIncrease in Domestic Taxes is down to the operational teams’ intensive focused field activities, stakeholder management and improved tax compliance support.”

He said the shortfall in Withholding tax is partly attributed to reduced budget releases for the various Government entities for Quarter one, preventing them from paying some of their suppliers.

URA Board Members

“We observed increased capital expenditure due to capital investments among our clients as a result of improved economic performance,” Musinguzi noted.

“Furthermore, the high inflation, which has risen from 6.8% in June 2022 to 10% by the end of September 2022, has resulted in an increase in the cost of doing business, and, thus, high input costs.”

International trade net taxes were UGX 2,239.83 billion against a target of UGX 2,088.50 billion, resulting in a surplus of 151.33 billion. This represents a 107.25% performance.

The major surpluses were registered in; import duty (UGX 52.59 Bn), VAT on imports (UGX 49.14 Bn), petroleum duty (UGX 45.70 Bn), surcharge on imports (UGX 6.63 Bn), excise duty (UGX 3.34 Bn) and infrastructure levy (UGX 0.30 billion).

“However, shortfalls were incurred in; withholding tax (UGX 3.43 billion), temporary road license (UGX 2.43 billion) and export levy (UGX 0.61 billion),” he pointed out.

Tags: First QuarterJohn musinguziNakawaSoftPowerSoftPower NewsTop Uganda NewsURA

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