URA Register Fall in Revenue Collections

Date:

Uganda Revenue Authority (URA) registered a revenue shortfall of sh3.6 trillion in the 2019/2020 financial year.

While appearing before the Parliament finance committee Thursday, the URA boss, John Rujoki Musinguzi said the tax collection body was able to get a total of sh16.7 trillion against a target of sh20.3trillion

He argued that at a tax to GDP ratio of only 13% which is one of the lowest in the world.

‘Studies indicate that a country whose tax to GDP ratio is less than 20% cannot experience significant economic growth,’ Musinguzi stated.

This means that the biggest portion of the budget will be funded through external and internal borrowing.

Out of the national budget of sh45.6trillion, government plans to get sh21.9trillion from government revenue collection.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

spot_imgspot_img

Popular

More like this
Related

Court Order Written Submissions in Desire Mirembe Case

Justice Henry Kaweesa Isabirye has ordered parties in the...

Why is Uganda Car Hire Expensive

If your plan on having a private safe and...

Top ADF Rebel Arrested in Eastern Congo

One of the founders of a rebel group of...

Kakwenza Charged & Remanded to Kitalya Prison

KAKWENZA CHARGED AND REMANDED TO KITALYA PRISONBuganda Road Magistrate’s...