Uganda Revenue Authority – URA managed to hit its target of revenue collection with a surplus of UGX 57.48 billion in the Financial Year 2022/23, John Musinguzi, Commissioner General has revealed.
He told the press on Wednesday that they were mandated to collect net revenue target of UGX 25,151.57 billion but they surpassed it to collect UGX 25,209.05 billion.
“This represents a remarkable 100.23 per cent performance with a surplus of UGX 57.48 billion.”
Presenting the Authority’s performance report for the concluded financial year 2022/23, Mr. Musinguzi noted that they recorded a significant revenue growth of 16.40 per cent (UGX 3,551.04 billion) compared to the previous financial year.
“Over the past five years, there has been a consistent increase in net revenue collections. However, in the fiscal year 2019/20, growth was slower due to the impact of COVID-19. But the most recent data shows that the economy has performed better than expected, with a 5.3% growth in real terms during FY2022/23, compared to 4.6% growth in FY2021/22, according to the latest GDP figures.”