URA Misses Quarter One Revenue Targets

Spread the love


In the first quarter of the financial year 2021/22, the Uganda Revenue Authority (URA) missed its target by sh499 billion on lower than expected revenue from key sources.

The taxman collected a net revenue of sh4.4 trillion out of the targeted sh4.9 trillion. posting a growth of 9.57% in comparison to the FY 2020/21.

‘The trend analysis for the last five years, indicates continuous growth in the net revenue collections. The highest year to year growth was observed in 2018/19 (17.82%) and the lowest recorded in 2020/21 (1.62%) mainly down to the impact of COVID-19,’ John Musinguzi URA Commissioner General told journalists.

Domestic revenues for the period were below target by sh440.75 billion. The taxman was able to collect sh2.6 trillion, registering a growth of 8.11% or sh199.10 billion in comparison to same period in financial year 2020/21.

Customs revenue collections were sh1,866.18 billion against a target of sh1.9 trillion, registering a growth of 8.88% (sh152.14 billion) in comparison to fiscal year 2020/21. However, the collections were sh106.54 billion below target.

ALSO READ: 2020 Revenue Review: April Worst Month in Collections, Say URA boss

ALSO READ: Insurance: Farmers Generate sh11.4 Billion In Premiums

“In terms of sectors, 74.02 percent of the revenue was generated from the top 5 sectors during the first quarter of FY 2021/22. The wholesale and retail trade sector had the biggest contribution, which amounted to sh1.3 trillion (30.10%).

“The manufacturing sector followed with a contribution of sh1 trillion (23.61%). The financial activities contributed sh353.66 billion (7.82%), while sh338.36 billion (2.65 %) was generated from the information and communication sector and sh202.98 billion (4.49%) from public administration,” Musinguzi said.

Spread the love

Related posts

Leave a Comment