Uganda Revenue Authority Recored sh1.8 Trillion Tax

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Uganda Revenue Authority (URA) collected sh1.8 trillion in tax in January, according to the Ministry of Finance.

The latest performance of the economy report released on Monday by the finance ministry indicates that the January 2022 revenue collection target was met by 95.3%.

Despite an improvement in the money collected in January 2022 and December 2021 compared to the previous months, the government continued to suffer a revenue shortfall as it had been in the previous six months.

With the January 2022 revenue collection target of sh1925.2b, the revenue collection shortfall is sh89.1b.

The performance of the economy report for December 2021 indicated that sh2.46trillion had been collected in that month.

The report indicates that since the revenue collection target for December 2021 was sh2671.8b (Sh2.67trillion), the revenue shortfall registered last month is sh205.9.

Since the beginning of the current financial year in July 2021, the government has been registered a revenue shortfall every month.

In the previous financial year of 2020/2021, the government suffered a revenue shortfall of more than sh2trillion due to the effects of COVID-19 on the economy. This compelled government to cut budgets for most of the government entities by 40%.

The finance ministry is optimistic that with the full reopening of the economy which has resuscitated so many economic activities, revenue targets will be achieved.

–  New Vision

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