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URA hits target of Shs1.354bn in first quarter

By Vision Reporter

Added 2nd November 2011 05:07 PM

UGANDA Revenue Authority has recorded a super collection of UGX1,353.84bn against a set target of UGX1,346.37bn posting a surplus of UGX7.47bn in the first quarter 2011/12.

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UGANDA Revenue Authority has recorded a super collection of UGX1,353.84bn against a set target of UGX1,346.37bn posting a surplus of UGX7.47bn in the first quarter 2011/12.

By Patrick Jaramogi

UGANDA Revenue Authority has recorded a super collection of UGX1,353.84bn against a set target of UGX1,346.37bn posting a surplus of UGX7.47bn in the first quarter 2011/12.

Patrick Mukiibi the Acting Commissioner General yesterday said this year’s collections for the first quarter grew by 14.76 percent compared to FY 2010/11.

Mukiibi attributed the growth in tax revenues to improved compliance in tax payments due to continued e-tax roll out and the projected growth in the value of non-fuel imports.

‘In September URA collected Shs466.37b against a target of Shs457.13b recording a surplus of Shs9.24b,” said Mukiibi at the URA monthly press briefing held at their premises in Nakawa.

 

Beyond expectations

He pointed out that the September performance surpassed expectations by 2.02 percent.

“The overall September collections were attributed to the improved collections in the Domestic and International trade taxes,” he said.

He said Domestic tax collections in September amounted to Shs223.2b against a set target of Shs221.04bn, registering a surplus of Shs2.16b and a performance rate of 100.98 percent.

 

Shortfalls

He said Indirect domestic tax did not perform to the expectations due to the challenges that were experienced to the sectors that contribute significantly to these taxes.

“Major items such as phone talk airtime, sugar, beer and soft drinks that contribute to VAT and excise duty registered shortfalls,” he said.

He said reduced sugar production that led to low consumption as well as the expansion in the telecommunication sector led to this shortfall.

International Trade Tax collection for September surpassed the set target Shs236.10b by Shs7.08bn posting a performance of 103 percent and a growth rate of 22.84 percent compared to the corresponding period in 2010.

Mukiibi said URA is expected to collect Shs1,652.48b in the next quarter between October and December 2011. He said this is a higher target than the first quarter.

“Strategies have been designed to achieve this feat,” he said.

Commenting on the discrepancies in the URA exchange rate compared to the prevailing market rates, URA’s manager Public and Corporate Affairs Paul Kyeyune said their rates are determined by the Central Bank.

“We can’t keep on changing the exchange rate as per the prevailing market rates. We review our rates monthly and can only revise before the month ends if BOU tells us to do so,” said Kyeyune.

URA hits target of Shs1.354bn in first quarter

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