URA Celebrates Revenue Surplus in August, Urges Tax Compliance

The Uganda Revenue Authority (URA) has reported a surplus in revenue collections for August 2024, exceeding its target significantly. The net revenue collection for the month reached UGX 2,345.04 billion, surpassing the target of UGX 2,316.85 billion by UGX 28.19 billion, achieving a performance rate of 101.22 percent.

This surplus reflects the steadfast commitment of taxpayers to fulfilling their tax obligations and the ongoing reforms in tax administration aimed at enhancing efficiency and revenue generation.

Domestic revenue collections totalled UGX 1,492.48 billion, marking a surplus of UGX 26.75 billion, while customs revenue collections stood at UGX 928.51 billion, exceeding the target of UGX 918.19 billion by UGX 10.32 billion. Overall, this represents 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.

In the first two months of the financial year (July to August 2024), URA has recorded 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. This indicates a growth of 15.19% (UGX 604.14 billion).

“As we aim to mobilise UGX 31.37 trillion for our nation's economic growth, we acknowledge the importance of every citizen's contribution. To support this effort, the government has introduced a tax penalty waiver for those with tax arrears from last financial year. I encourage all business owners with outstanding dues to take advantage of this opportunity and fulfil their tax obligations,” stated John Musinguzi, the URA Commissioner General.