February 24, 2024

URA Surpassed Revenue Target in the FY 2022/23_ CG Musinguzi

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The Uganda Revenue Authority’s Commissioner General, John Rujoki Musinguzi, revealed on Wednesday, August 23, 2023, that continued and sustained economic growth and enhanced administrative measures, among other initiatives, birthed a finer revenue performance in FY 2022/23.

In FY 2022/23, URA had a net revenue target of UGX 25,151.57 billion, which was surpassed, and they collected UGX 25,209.05 billion.

While presenting the authority’s performance report for the concluded financial year 2022–23 to journalists at the URA House, Musinguzi hailed the staff of URA, the taxpayers who have complied with their tax obligations, stakeholders including political leaders, civil society, development partners, the media, and supervisors from the Ministry of Finance, Planning, and Economic Development, noting that the achievements reflect the strong sense of patriotism and loyalty of citizens, whose valuable contributions have empowered the government to provide vital social services to the people.

‘’This represents a remarkable 100.23 percent performance with a surplus of UGX 57.48 billion. The year recorded a significant revenue growth of 16.40 percent (UGX 3,551.04 billion) compared to the previous financial year because of the stable and resilient economic performance, enhanced administrative measures, and the cooperation of patriotic taxpayers’’, he told reporters.

Over the past five years, there has been a consistent increase in net revenue collections. However, in the fiscal year 2019–20, growth was slower due to the impact of COVID-19. But the most recent data shows that the economy has performed better than expected, with 5.3% growth in real terms during FY2022/23, compared to 4.6% growth in FY2021/22, according to the latest GDP figures.

In the fiscal year of 2022–23, the total revenue collected was UGX 16,425.41 billion, surpassing the target of UGX 16,188.51 billion by 101.46 percent and resulting in a surplus of UGX 236.89 billion. This represents a growth of UGX 2,761.52 billion (20.21 percent) compared to the previous fiscal year. Direct domestic taxes collected exceeded the target with a surplus of UGX 724.62 billion, while non-tax revenue, including stamp duty and embossing fees, generated a surplus of UGX 65.81 billion. However, indirect domestic taxes fell short of the target, with a deficit of UGX 553.54 billion.

written by @enock katamba

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