Overview:
According to the State of the Economy Report for July 2024, this was largely due to tax performance which registered a surplus of Shs124.3 billion. Taxes on income, profits and capital gains registered a surplus of Shs. 21.00 billion while taxes on goods and services registered a surplus of Shs 2.40 billion.
The Uganda Revenue Authority (URA) collected Shs2.233.73 trillion in July 2024, against the programmed target of Shs2.181.48 trillion.
According to the State of the Economy Report for July 2024, this was largely due to tax performance which registered a surplus of Shs124.3 billion. Taxes on income, profits and capital gains registered a surplus of Shs. 21.00 billion while taxes on goods and services registered a surplus of Shs 2.40 billion.
Similarly, international trade taxes were above the target by Shs. 34 billion. The surplus under international trade taxes was largely due to the good performance of import duty during the month.
Preliminary data shows that grant disbursements amounted to Shs.12.10 billion against a target of Shs. 74.09 billion, while other revenue registered shortfalls of Shs.10.06 billion.
According to the report, expenses for the month amounted to Shs. 2.198.50 trillion against the program of Shs. 2,846.59 trillion.
Only 61% of the compensation to employees was paid during the month, with delays arising from payroll system challenges accounting for this underperformance.
“The purchase of goods and services was slower than planned due to longer than anticipated budget processes at the beginning of the financial year that delayed spending by agencies. Shs.505.2 billion was released to Local Governments (grants), of which Shs. 279.3 billion was forwages, Shs. 128.9 billion was for recurrent expenditure, and Shs. 96.9 billion was for development expenditure.