{UAH} URA has reported a surplus of Shs 1 trillion in tax collections

URA has reported a surplus of Shs 1 trillion in tax collections for Quarter One (Q1) (July to September 2020) with net revenue collections of Shs 4bn against a target of Shs 2.9 trillion. During Q1, year-on-year revenue growth of Shs 64.80 billion (1.64%) was registered. 

This financial year, URA is expected to collect Shs 19.6 trillion compared to last year's target of Shs 20.3 trillion.

According to the Q1 performance report released Tuesday, Shs 2.4 trillion was collected in domestic taxes during the period under review, with a surplus of Shs 590.7bn. 

This represents a 2.1% year-on-year growth in domestic taxes.  

In international trade tax, Shs 1.7 trillion was collected, with a surplus of Shs 479.7bn. Year-on-year, customs tax collections grew by 1.42%.

VAT collections were above target by Shs 179.3bn. Cement contributed a surplus of Shs 28.5bn, phone talk time (surplus of Shs 17.8bn), wholesale and retail (surplus of Shs 22.5bn) and spirits (Shs 12.8bn). 

URA attributes the cement tax surplus to the ongoing infrastructure developments in the country with an increase in sales by 28.63%. Production and sale of spirits increased by 42.77% and 45.68% respectively, owing to spirits being a raw material to the highly demanded sanitizers.  

The implementation of the Digital Tracking Solution (DTS) boosted collections and has aided the enforcement and tracking of locally manufactured and imported products.   

Corporation tax registered a surplus of Shs 35.2bn which is mainly attributed to URA's pursuit of the alternative dispute resolution as a way of resolving outstanding tax matters. #SoftPowerNews

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