The Minister of State for Finance Henry Musasizi, has revealed that Uganda Revenue Authority is expected to collect taxes worth UGX 31.574T to finance the 2024/25 national budget.
This is an increase of UGX 1.9T from the current target of UGX 29.672T, the Authority is expected to collect in FY 2023/24.
Musasizi made the revelation while appearing before Parliament’s Finance Committee where he has led the team from the ministry to defend their 2024/25 national budget.
The minister says that the recently tabled tax proposals on cement, fuel, and land transactions among others are intended to raise revenue to a tune of UGX 1.902T.
“The projected revenue collection for 2024/25, is UGX 31.574T, an increment of Shs1.9Trn from the current financial year 2024/25 target of UGX 29.672T. To achieve this projected target, URA will continue to undertake the following reforms; roll out and enforcement of electronic receipting and invoicing solution.
The objective of this reform is to ensure that taxpayers are able to keep clear records, file returns in a timely manner and they are able to efficiently assess their VAT. I call upon every Ugandan to support this cause,” says Minister Musasizi.
Uganda’s economy at the a glance
Government projects that the country’s economy will be growing at a rate of 7% in the next financial year, up from the current 6%.
Had it not been for the COVID-19 Pandemic that made some investors retract their investments, the country’s economy would be now growing at a rate of 8% according to Finance Minister Matia Kasaija.
Ease of doing business
The 2022 World Bank Ease of Doing Business Report ranked Uganda as the 116th among the 190 countries in ease of doing business.
Notably, business and financial innovations hold the promise of tremendous opportunity for businesses in Uganda.
According to the performance of the economy report for February 2024, overall economic activity has continued to strengthen as shown by the high frequency indicators of economic activity as perceptions about doing business in Uganda remain positive with the Business Tendency Index (BTI) recorded at 55.82%.
