Uganda Revenue Authority reports surplus in August tax collections

Domestic revenue collections amounted to UGX 1,492.48 billion, showing a surplus of UGX 26.75 billion, while customs revenue collections hit UGX 928.51 billion, surpassing the target of UGX 918.19 billion by UGX 10.32 billion. Overall, 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.

The 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, reflecting a remarkable growth of 15.19% (UGX 604.14 billion).

In the effort to mobilise UGX 31.37 trillion to bolster the nation’s economic growth, John Musinguzi, the URA Commissioner General, highlighted the crucial role of every citizen’s contribution. He announced that the government has introduced a tax penalty waiver to assist those with tax arrears from the previous financial year. Musinguzi encouraged business owners with outstanding obligations to take advantage of this opportunity and clear their dues.