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March 1, 2024
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Key points from the 2022-2023 Budget reading

The financial budget fie the Financial year 2022-2023 was read yesterday at Kololo Independence grounds by the Minster of Finance Matia Kasaija. Below are the key highlights made by the Minister in regards to the budget as quoted from The Daily Monitor.

“Economy

The size of economy expanded to Shs162.1 trillion (USD 45.7 billion)

Uganda’s GDP per capita increased to USD 1,046 (Shs3.7 million) per person per year, according to Finance Minister Matia Kasaija.

The size of economy expanded to Shs162.1 trillion (USD 45.7 billion).

Inflation rose from 2.7 per cent in January 2022 to 6.3 per cent in May 2022.

The shilling depreciated by 1.7 per cent in three months to June 2022 and by 6.7 per cent against the dollar between June 2021-June 2022.

Revenue collection FY2021/22: Shs22.425 trillion, shortfall of shs939 billion.

Taxation

No new taxes in FY2022/23

Zero rental income tax for those earning rental income below Shs2.82m

Rental income rate of 12% for earnings exceeding Shs2.82m

Tax exemptions for supply of oxygen cylinders, assistive devices for PWDs, supply of airport user services

Cash basis accounting for suppliers to Government

NIL stamp duty on the following:

Agreements relating to deposit of title deeds or personal property as security for borrowing

Agricultural insurance policy

Security bond or mortgage bond

Reduced excise duty on opaque beer and fermented beverages to 12% or shs150 per litre

Budget allocations FY2022/23

Shs3.897 trillion improvement of security and security infrastructure

Shs1.059 trillion for Parish Development model

To enhance anti-corruption drive: Justice, law and order: Shs1.432 trillion

Shs381.6 billion judiciary

Shs95 billion for DPP

Shs876.4 billion for Uganda Police

Shs308.7 billion for Uganda Prisons Service

Shs79.4 billion IGG

Shs628 billion to mitigate climate change

Shs564.39 billion boost agriculture production

Shs1.449 trillion agro industrialisation, standards and market entry

Shs194.7 billion tourism

Shs904.1 billion development and commercialisation of minerals, oil and gas

Shs1.027 trillion water and environment sub programme

Shs4.14 education and skilling

Shs274.4 billion advancing innovation

Shs4.3 trillion transport and infrastructure

Shs1.573 trillion power infrastructure

Shs124.2 billion digitalisation

Shs495 billion salaries of medical workers, scientists and science teachers

Shs5.1 trillion decentralisation, funding local government

Resource envelope

Total revenue: Shs48, 130.7 billion

Domestic revenue: Shs30, 797.3 billion; (63% of total resource envelope) of which tax revenue is 23,754.9 billion and Shs1, 795.9 billion is non-tax revenue

Total expenditure: 48,130.7 billion, less domestic debt refinancing and Appropriations in Aid amounting to Shs39, 884.2 billion.

At the end of December 2021, total public debt stock: Shs73.5 trillion; External debt stood at shs45.72 trillion; Domestic debt stood at 27.77 trillion

Nominal debt to GDP ratio of 49.7 per cent.”

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