- Schools may stimulate the economy .
- Sharp drop of 900 Billion revenue attributed to prolonged lock-down.
Uganda Revenue Authority has registerd a decline in revenue collections in the last six months with a revenue shortfall of 900.81 Billion shillings.
The half-year final report issued by URA shows net revenue collections amounting to UGX 10,163.09 billion, against it’s target of UGX 11,063.90 billion.
The collected revenue however represents 45.44% of the annual target against the projected 49.47% by URA for the same period. It is also an increase of 16.80% (UGX1,591.43 billion) from the realized revenue for the same period last financial year.
URA commisioner General John Musinguzi says the tax body is hopeful that with the re opening of schools, domestic revenues will rise since schools are a driving force in transaction of goods and services in the economy raging from produce to various products.
Flanked by URA Commissioners,John Musenguzi Rujoki says collections fell bellow the annual revenue target of UGX 22,363.51 billion, which is 16.10% (UGX 3,100.51) higher than the actual revenue collection from the last financial year.
Domestic tax revenue collections in the last six months were UGX 6,229.62 billion against a target of UGX 7,180.94 billion, registering a shortfall of UGX 951.32 billion, and performance of 86.75%.
The shortfalls were from direct domestic taxes (UGX 273.61 billion), indirect domestic taxes (UGX 487.20 billion) and Non Tax Revenue (NTR) (UGX 190.51 billion). 20.03% of the domestic tax shortfall was from Non-Tax Revenue (NTR).