Uganda Registers Revenue Surplus In Q1

Uganda has registered a revenue surplus of over 1 trillion shillings (274 million U.S. dollars) in the first quarter of fiscal year (FY) 2020/21, which started on July 1, the country's tax body the Uganda Revenue Authority (URA) said Wednesday

KAMPALA, (UrduPoint / Pakistan Point News - 14th Oct, 2020 ) :Uganda has registered a revenue surplus of over 1 trillion shillings (274 million U.S. Dollars) in the first quarter of fiscal year (FY) 2020/21, which started on July 1, the country's tax body the Uganda Revenue Authority (URA) said Wednesday.

Between July and September, net revenue amounted to 4 trillion shillings (1.1 billion dollars) against a target of about 3 trillion shillings (822 million dollars), the URA said in a report.

Key sectors that contributed about 76 percent of the revenue include wholesale and retail, manufacturing, information and communication, financial and insurance services, and public administration, it said.

Meanwhile, the country has registered a revenue growth of 64.8 billion shillings (17.7 million dollars), up 1.64 percent year-on-year, it said.

In particular, while April, May, June and July saw declines in revenue, August and September registered growth, which shows a resurgence from the impact of the COVID-19 pandemic, it said.

The URA added that it is expected to collect about 19.7 trillion shillings (5.4 billion dollars) in FY 2020/21, compared to the target of 20.3 trillion shillings (5.6 billion dollars) in FY 2019/20.