URA’s Commended For Grand Progress Even After 50% Reduction in Business Activities..
Written by Editor on September 16, 2021
The government has shown gratitude to the Uganda Revenue Authority (URA) for the outstanding performance registered ever since 1991 when the tax collecting body was created.
The Minister of Finance, Planning and Economic Development, Matia Kasaija said that the economy is promisingly improving even amidst the pandemic distresses.
“I commend URA for the good revenue results so far achieved. Even with over 50% reduction in business activities countrywide, URA managed to collect UGX 19,263 billion in FY 2020/21 registering a 14.99% revenue growth and tax to GDP of 12.99%,” Kasaija noted.
Kasaija appreciated the extra innovative efforts executed by the tax collecting body to achieve this, and tasked URA to do even more. He promised the Government’s support towards the URA.
“As a Ministry, we commit to supporting URA in her mandate and together we shall fulfil the government’s objective of ensuring industrialization for inclusive growth, employment and wealth,” Kasaija added.
This was during the commemoration and thanksgiving celebrations for URA at 30 years held at the Kololo Independence grounds yesterday.
The URA Commissioner General, John .R. Musinguzi paid a special tribute to the taxpaying community for they are the bedrock of URA’s contribution to National development.
“Our spiralling revenue yield over the years, attests to the hard work, entrepreneurial culture, and commitment of Uganda’s taxpaying community, who have fulfilled their civic obligation,” Musinguzi noted.
He added that the growth of URA over the years reflects Uganda’s economic growth with each milestone signifying progress towards the maturity of the nation in its drive towards a purposeful and prosperous Uganda.
Musinguzi revealed the revenue growth over the years noting that revenue averagely grew by 24.04% annually in the first 10-year period between 1991 and 2000, 16.90% between 2001 and 2010, and 14.33% from 2011 to 2020/21.
According to Uganda’s vision 2040, projections indicate that Uganda will be repositioned to a first-world country in the next fifty years.
To achieve this transformation, the average real GDP growth rate will have to be consistent at about 8.2% per annum translating into total GDP of about USD 580.5bn in 2040 as revealed by Musinguzi.
URA promised to rebuild her credibility as a trusted partner, simplify and integrate the business processes and enhance taxpayer service initiatives among other ways to achieve this vision.