Uganda Revenue Authority [URA] said the tax policy measures introduced under the Local Excise Duty namely, the daily OTT levy and levy on mobile money transactions contributed net estimated revenue amounting to UGX 779.5 billion from a total of UGX 1,095.29 registering a performance of 140.50%.
URA Commission General Doris Akol told press on Monday that the major import items that registered increase in tax yield during FY 2018/19 include; worn clothing (UGX 42.25 billion), cigarettes (UGX 29.27 billion), motor vehicles (UGX 28.36 billion), Foot wear (UGX 27.00 billion) among others.
The major international tax heads that registered good performance during the financial year were; import duty that performed at 100.71% of the target and VAT on imports which performed at 102.62%.
The public sector performed at 127.96% of target. This performance boosted the overall PAYE Taxhead performance which was really healthy in FY 2018/19.
The major tax heads that registered good performance during the financial year were; import duty that performed at 100.71% of the target and VAT on imports performed at 102.62%.
The net international trade tax collections during the FY 2018/19 were UGX 6,875.41 billion registering a performance of 100% and UGX 0.34 billion above the target.
A growth rate of 10.85% was realized compared to FY 2017/18.
The major tax heads that recorded gross surpluses during the year were majorly direct taxes that include; Corporation tax; that registered a surplus of UGX 331.37 billion and PAYE; that registered a surplus of UGX 148.60 billion.
Domestic taxes net collections during the FY 2018/19 were UGX 9,749.29 billion, registering a performance of 102.80% and UGX 265.59 billion above the target.
A growth rate of 17.68% was realized compared to FY 2017/18.
Net revenue has consistently from Financial Year 2014/15 to Financial Year 2018/19 at an average rate of 15.72% over the five year period.
Over the 5 year period, tax to GDP ratio increased by 2.27 percentage points and specifically, the tax to GDP ratio in FY 2018/19 has grown by 0.78% higher than the IMF target of 0.5%.
The net revenue collections for FY 2018/19 were UGX 16,617.65 billion, registering a growth rate of 14.95% (UGX 2,161.53 billion) compared to last financial year.
This was UGX 258.89 billion above the target, posting a performance level of 101.58%.