Uganda Revenue Authority (URA) is on track to collect tax revenue of Shs 500 billion above target by end of the financial year 2016/2017.
URA’s Commissioner General, Doris Akol says Shs 10.5 trillion has so far been collected as revenue for this financial year, and projections are now that they will collect another Shs 2.9 trillion in the last quarter, for a total Shs 13.4 trillion.
If this comes to pass, it would mean that the revenue body would surpass the Shs 12.9 trillion target set for URA by the Ministry of Finance Planning and Economic Development.
Because of unsteady economic conditions in the past year, analysts had earlier predicted the tax body might not hit the revenue target.
Asked about performance at the unveiling of an independent Tax Agents Registration Committee (TARC) at the URA’s head offices at Nakawa, Kampala on May 10, Akol said the detailed revenue performance report will be released on May 17 but is encouraging so far.
At the launch of TARC, it was revealed that the new committee will regulate the operations of over 700 tax agents that file returns on behalf of tax payers.
Akol said the five member committee would support URA’s work by improving the quality of declarations made for tax purposes and stakeholder relations.