By Executive Editor

Uganda Revenue Authority (URA) has announced a surplus in revenue collections for the month of August 2024, exceeding its target. The net revenue collection for August 2024 was Shs 2.345 trillion, surpassing the target of Shs 2.316 trillion by Shs 28.19 billion, representing a performance rate of 101.22 percent.

The domestic revenue collections were Shs 1.492 trillion against a target of Shs 1,465.7 trillion, registering a surplus of Shs 26.75 billion. The customs revenue collections were Shs 928.51 billion against a target of Shs 918.19 billion, posting a surplus of Shs 10.32 billion. This marks a 9.96 percent increase in net revenue compared to August 2023, with domestic and customs revenues growing by 11.10 percent and 10.23 percent, respectively.

“As we strive to mobilize revenue towards our nation’s economic growth, we recognize the
invaluable contribution of every citizen in meeting their tax obligations. Our success is also reflection of the unwavering support from our supervisors, the Ministry of Finance, and the strong interest our leaders in the government have shown in taxation matters. Their guidance and commitment have been instrumental in driving the reforms that continue to enhance our revenue. mobilization efforts,” John Musinguzi, the URA Commissioner General, said.

URA’s performance in the first two months of this financial year (July to August 2024) also shows a surplus of Shs 168.31 billion, with a net revenue collection of Shs 4.582 billion against a target of Shs 4.414 billion. And in addition, a growth of 15.19% (Shs604.14 billion) was realized.

“The surplus in revenue collection is a testament to the unwavering commitment of taxpayers in meeting their tax obligations and the ongoing reforms in tax administration aimed at streamlining processes and improving revenue collections,” said Robert Kalumba, the Assistant Commissioner Public and Corporate Affairs.

To support taxpayers with outstanding obligations, the government has introduced a tax penalty waiver for those with tax arrears from the last financial year. This relief is an opportunity for those businesses with unpaid taxes as at 30th June 2023 to settle their obligations and contribute to the nation’s continued economic progress.