The 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 UGX 2,345.04 billion, surpassing the target of UGX 2,316.85 billion by UGX 28.19 billion, representing a performance rate of 101.22 percent.
The surplus in revenue collection is 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 collection.
The domestic revenue collections were UGX 1,492.48 billion registering a surplus of UGX 26.75 billion while customs revenue collections were UGX 928.51 billion against a target of UGX 918.19 billion posting a surplus of UGX 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.
URA’s performance in the first two months of the financial year (July to August 2024) also shows a surplus of UGX 168.31 billion, with a net revenue collection of UGX 4,582.40 billion against a target of UGX 4,414.09 billion. And in addition a growth of15.19%(UGX 604.14 billion) was realized.
“As we strive to mobilize UGX 31.37 trillion towards our nation’s economic growth, we recognize the importance of every citizen’s contribution. To support this effort, the government has offered a tax penalty waiver as a relief to those who have tax arrears that were due last financial year. I urge all businessmen and women with such tax arrears to embrace this opportunity and settle their tax obligations,” John Musinguzi, the URA Commissioner General said.
