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URA exceeds revenue target by over sh21b

By Vision Reporter

Added 23rd August 2009 03:00 AM

THE Uganda Revenue Authority (URA) collected sh327.06b against a set target of sh305.2b in July. The collection exceeded the targets by sh21.86b.

THE Uganda Revenue Authority (URA) collected sh327.06b against a set target of sh305.2b in July. The collection exceeded the targets by sh21.86b.

By David Mugabe
THE Uganda Revenue Authority (URA) collected sh327.06b against a set target of sh305.2b in July. The collection exceeded the targets by sh21.86b.

“Most of the rentals and PAYE tax were not doing well last year. Now we are seeing a difference,” Sarah Banage, the assistant commissioner for public and corporate affairs, said on Friday.

Compared to July 2008, last month’s revenue collections registered a growth rate of 29.48%. Banage said only Value Added Tax suffered deficits largely attributed to companies still undertaking counterbalance (offsets), with UETCL, one of the largest, claiming sh14.5b in refunds, she added.

Banage said other companies that carried forward offsets were Nile Breweries and Century Bottling companies.

The largest performer was the direct domestic taxes that registered sh17.93b, a growth of 49.25%.

Officials also attributed the overall resurgence to the reforms recently undertaken by the tax body.

The reforms were the online registration, e-tax components and the segmentation of the medium tax payers’ office that are designed to breed efficiency and better revenue collection.

Banage said gains in PAYE were due to the close monitoring and enforcement of the law.

Revenue surplus on domestic taxes hit sh0.45b, which was a 100.86% performance.

The Sectors that performed well for local excise duty were telecommunications, soft drinks and beer.

“Investments in these sectors that were undertaken last financial year have started yielding gains,” Banage said.

Foreign trade tax fetched sh184.58b against a set target of sh177.73b.

Much of the gains in international trade are against reports of increased importation of fuel (18.18%), which accounted for a sh1.4b in taxes.

There was also sh3.75b in VAT raised from imports.

The tax body also recovered about sh1.5b from seizures of smuggled goods.

“About 54% of the total revenue recovered was from smuggling within the customs gazetted areas due to undervaluation and mis-declaration of goods,” said James Kisaale, the authority’s acting assistant commissioner for enforcement.

URA exceeds revenue target by over sh21b

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