Uganda Business News: URA fails to meet revenue collection target for January

Ultimate Media

The government might soon be the one demonstrating over the bad economic times, following the continued failure by the national tax body to meet its revenue collection targets.

The Uganda Revenue Authority today reported it had registered a revenue short fall of shillings 1.97 billion for the month of January.

The commissioner Customs Department Richard Kamajugo attributes the continuous revenue loss to poor performance in the economy, noted in the low industrial production and severe power shortages.

The tax body net revenue for the month of January was 512 billion shillings against a target of shillings 514 billion shillings.

Kamajugo adds that the decline in the sales of locally manufactured sugar also affected tax collections negatively.

He however adds that though the month of January was a difficult one, the URA was able to collect more money in January than it did in December 2011.