The Uganda Revenue Authority (URA) has projected an increment in revenue collection for the Financial Year 2024/2025.

John R. Musinguzi, the Commissioner General of URA, while presenting before Members of Parliament on the Finance Committee, said that the projected revenue collection for FY 2024/25 is UGX 31.5744 trillion.

Musinguzi said that the projections will portray an increment of UGX 1.9024 trillion from the current FY 2023/24 target of UGX 29.6720 trillion.

Henry Musasizi, the Minister of State for Finance, Planning, and Economic Development, who was part of the team that made the presentation, said that the Ministry aimed at achieving a tax-to-GDP ratio of at least 18%.

“Our ultimate desired goal is to achieve a tax-to-GDP ratio of at least 18% as per the Domestic Revenue Mobilization Strategy,” Musasizi said.

He added that URA will continue to implement the Digital Tracking Solution and enforce rental tax solutions to ensure everyone who earns rental income pays his or her fair share of taxes, adding that the entity will also continue to roll out and enforce the Electronic Fiscal Receipting and Invoicing Solution (EFRIS) to ensure taxpayers keep clear records and file returns in a timely manner.

However, Muwanga Kivumbi, the Chairperson of the Parliamentary Public Accounts Committee, warned that in order to achieve the figures highlighted, Ugandans will need to prepare and acknowledge that they will contribute more in terms of revenue collection while potentially earning less compared to the previous year.