Parliament has approved the 2021/22 Financial year budget and the earning from the tax revenue are expected to fund the majority of the budget.
Out of the UGX 44.7 trillion budget, over 20.8 trillion is expected to be generated out of tax revenue of which government plans on collecting 22.6 trillion. Implying tax revenue is meant to contribute close to 50% of the budget.
Non-Tax revenue sources are expected to contribute 860 billion shillings basing on the budget of the next financial year while Appropriate in Aid is expected to contribute up to 940.4 billion shillings.
According to Parliament’s Budget Committee chairperson Amos Lugoloobi, the budget will also be financed by domestic resources set to contribute 11.48 trillion, external borrowing equivalent to 9.010 trillion, grants equivalent to 1.44 trillion shillings and others as he said;
“It should be observed that 200 billion Shillings will be drawn from the Petroleum Fund to specifically finance oil road infrastructure during the financial year 2021/2022. Domestic and external financing will constitute 76.7 percent and 23.3 percent of the total resource envelope respectively.”
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Multiple taxes have been imposed on citizens in order to facilitate this cause include the 12% data tax, 100 shillings tax per litre of fuel which is estimated to collect 196 billion among other taxes.
According to Minister Bahati, these multiple taxes imposed on the masses are aimed at ensuring that the country’s debt burden is reduced by gathering funds from within the population.