URA registers highest growth in the financial year 2021/22
In the 2021/22 Financial Year Uganda Revenue Authority collected Sh21.659 billion, the biggest collection in the history of the country. The revenue grew by 12.44 per cent as compared to collections for FY 2020/21. However, the outturn for the year saw a net revenue collection fall short of the target by Sh704 billion. Ibrahim Bbossa, Assistant Commissioner Public and Corporate Affairs, Uganda Revenue Authority joins CNBC Africa for more.
Wed, 20 Jul 2022 10:11:06 GMT
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AI Generated Summary
- URA collected a record 21.659 billion Ugandan shillings in the 2021-2022 financial year, representing a 12.44% growth.
- Despite falling short of the target by 704 billion shillings, URA overcame challenges posed by the pandemic and economic conditions to achieve historic revenue collection.
- Strategic initiatives such as tax management, customs enforcement, and taxpayer education contributed to URA's success and position for future growth.
In the 2021-2022 financial year, the Uganda Revenue Authority (URA) made history by collecting 21.659 billion Ugandan shillings, marking the highest revenue collection in the country's history. This represented a significant growth of 12.44% compared to the previous financial year. The impressive achievement was lauded considering the challenging economic environment brought about by the COVID-19 pandemic and the global crisis. Ibrahim Bbossa, the Assistant Commissioner for Public and Corporate Affairs at URA, attributed this success to the unwavering support of taxpayers and the strategic initiatives implemented by the authority. With a focus on areas such as tax management, expansion of the tax register, countrywide customs enforcement initiatives, and alternative dispute resolution, URA was able to overcome obstacles and drive revenue growth. The implementation of a taxpayer education strategy further added value by raising awareness and improving compliance.
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