Uganda Revenue authority has registered a 15% growth with a collection on Ugx 2,838.4billion in taxes during the first quarter of the financial year 2014/2015.
This is an increment of about Ugx 400 million from the Ugx Ugx2, 450.7 billion realized in the same quarter last financial year.
There was a general growth in domestic and customs tax collections which has propelled Uganda to be the best performer in the region according to figures released by the newly appointed URA Commissioner General Doris Akol at the URA head office in Nakawa.
Ugx 1, 523.4 billion was raised in domestic taxes compared to Ugx 1,356Billion collected about the same period last year, a growth which was attributed to improved tax declarations with local authorities.
“The Taxpayer register Expansion Project (TREP) initiative has continued to yield results from extensive field operations. A number of companies what didn’t declare and pay provisional tax during the financial year have made remittances of this tax for the same period,” Akol said.
With the economic growth standing at 5.5%, against the projection of 6.2% Akol said the country is on the right path to achieve the projected revenue collections for the financial year.
She said Ugx20.5bn was realized from administration tax and Ugx11.02bn from mining and quarrying.
Withholding tax which includes tax on dividends, foreign transactions, management fees, and general supplies registered a growth of 16%. The money came from Information and Communication sector, Electricity and gas, public administration and Defence, Finances and insurance activities and Wholesale and repair of vehicles.
URA also registered a 19.6% revenue growth in customs taxes to Ugx227.69bn Ugx1, 386billion realized in Q1 last financial year. Another increase was recorded in VAT on imports from Ugx2, 706billion in the first quarter of 2013.14 to Ugx3, 033billion in Q1 during FY 2014-2015
She revealed that in order to hit the target , URA would pay special attention to PAYE audits through strengthening monitoring of sectors like finance, manufacturing, energy construction and Real estate.
Akol said the tax body would increase visibility through reaching out to the smallest taxpayer.
She also hinted on increasing the scope of single customs territory to cover other products and electronic cargo tracking system.