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April 13, 2024
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URA registers trillion shillings in surplus revenue despite Coronavirus crisis

The Uganda Revenue Authority (URA) has recorded almost a trillion shillings in surplus revenue in the first half of the financial year – despite the effects of the COVID–19 pandemic on the local economy.

Announcing the results, John Musinguzi the URA Commissioner General commended government for not shutting down the economy despite rising covid – 19 cases.

The Financial Year 2020/21 was projected to be plagued with underperformance by the URA as COVID–19 continued to wreak havoc on the global economy.

According to the URA, although revenue declined in April, May and June 2020 due to the lockdown that led to a slowdown in economic activities, the tax body registered signs of economic recovery from July to November with UGX 8.27 trillion collected by 26th December against a target of UGX 7.44 trillion.

The surplus collection was influenced by the tax body’s revision of its annual target.

As a result of the effects of covid-19 on the economy, the authority has rolled out a number of business support tools to support the business community through the global pandemic.

URA also plans to increase sensitization outreaches to encourage more Ugandans to meet their tax obligations.

In May, the government unveiled a shS. 45 trillion budget before parliament for the FY 2020/2021. The figures were later revised, factoring in the effects of Covid – 19 on the economy.

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