8 °c
London
Thursday, April 15, 2021
No Result
View All Result
FurtherAsia FurtherArabia FurtherBrazil FurtherRussia
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Africa

Uganda revenue below target second year in a row

Staff by Staff
February 27, 2020
in Africa, Banking, Economy, Finance, Tax, Uganda
Reading Time: 2 mins read
0
Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

The Uganda Revenue Authority has registered a second successive revenue collection shortfall, raising concerns about the health of the economy.

Latest figures show the taxman collected net revenues of Ush9,042.01 billion ($2.4 billion) between July and December 2019 against a target of Ush9, 739.39 billion ($2.6 billion).

This reflects a revenue deficit of Ush697.38 billion ($188 million), a figure higher than the record collection deficit of roughly Ush660 billion ($178 million) registered in the financial year 2017/18.

This deficit could signal increased government borrowing or big spending cuts in operations to balance official expenditure with diminished revenues.

“The current tax revenue targets were anchored on rebased GDP numbers but have turned out too high for our circumstances. The closure of the Uganda-Rwanda border at Katuna for almost a year has hurt many manufacturers while high energy costs have complicated matters for them,” argued Jet Tusabe, tax director at audit and accountancy firm BDO Uganda Ltd.

URA blames the revenue shortfall on low production levels, falling consumer demand and weak economic conditions evident in the manufacturing, telecommunications and in the trade and commerce sectors during the first six months of 2019/2020.

Value added tax was the worst hit segment. This tax accounts for nearly 40 per cent of the country’s revenues while corporation tax contributes around 35 per cent.

While VAT returns from phone talk time sales realised a shortfall of Ush92.02 billion ($24.9 million) between July and December 2019, sugar sales suffered a deficit of Ush38.27 billion ($10.3 million) while beer products posted a VAT shortfall of Ush28.62 billion ($7.2 million), URA data shows.

The wholesale and retail trade posted a VAT deficit of Ush41.32 billion ($11.2 million) between July and December 2019. In contrast, one off gains realised from capital gains tax levied on sale of shares by investors in certain companies amounted to Ush195.35 billion ($52.8 million), a figure that helped offset bigger shortfalls.

Overall private sector credit grew by 12.1 per cent during the quarter that ended December 2019 compared with 13.3 per cent growth registered the previous quarter, Bank of Uganda data shows.

Source: The East African

Related

Tags: Bank of UgandaBDO Uganda Ltd.GDPGross Domestic ProductJet TusabeKatunaRwandaUgandaUganda Revenue AuthorityURAVATугандаأوغنداウガンダ烏干達
ScanSendShare320Tweet200Share56Pin72Send
Previous Post

South Africa to create US$2B sovereign wealth fund

Next Post

Philip Morris welcomes South Africa tax stance on vapes

Staff

Staff

Related Posts

Credit Rating

Fitch increases Zambia’s credit rating to CCC

by Financial Insight Zambia
April 15, 2021
Natural Resources

Total postpones application for South Africa drilling

by Staff
April 15, 2021
South Africa signs Johnson & Johnson vaccine deal
Coronavirus

Botswana joins hands with private sector in COVID-19 vaccine procurement, rollout

by Staff
April 15, 2021
Zimbabwe Finance Minister begins roadshow to win over investors
Finance

Zimbabwe Finance Minister begins roadshow to win over investors

by Staff
April 15, 2021
Investing

BUA Group investing US$300M towards Nigeria’s sugar self-sufficiency

by Farmers Review Africa
April 15, 2021
Next Post

Philip Morris welcomes South Africa tax stance on vapes

Dangote Cement bag of goodies

Dangote starts test run of its US$2B Nigeria fertilizer plant

The TER connects the Diamniadio Lake City (DLC) to Dakar. [Photo/Presidence.sn]

Shelter Afrique invests US$11.6M in Senegal's Diamniadio Lake City

Leave a Reply Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

2021 AFSIC
2022 Indaba Mining

FurtherAfrica Partners

The Exchange Club of Mozambique Taarifa Rwanda
CrudeMix Africa TechGist Africa Farmers Review Africa
Botswana unplugged Financial Insights Zambia Africa Oil & Power
Harambee Africa Novafrica  

Subscribe to FurtherAfrica

Enter your email address to receive notifications of new articles on your email.

Join 73,051 other subscribers.

FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About

© 2021 FurtherMarkets

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?