{"id":32935,"date":"2022-06-23T11:47:57","date_gmt":"2022-06-23T11:47:57","guid":{"rendered":"https:\/\/www.africa-press.net\/uganda\/all-news\/ugandas-budget-rising-faster-than-economic-growth-experts"},"modified":"2022-06-23T11:59:48","modified_gmt":"2022-06-23T11:59:48","slug":"ugandas-budget-rising-faster-than-economic-growth-experts","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/uganda\/all-news\/ugandas-budget-rising-faster-than-economic-growth-experts","title":{"rendered":"Uganda\u2019s budget rising faster than economic growth- experts"},"content":{"rendered":"

Africa-Press – Uganda. <\/strong><\/span>Global financial experts have expressed worry over the rate of Uganda\u2019s national budget growth observing that \u201cit raises a lot of pressure on its sustainability since government continues to operate a deficit budget.\u201d<\/p>\n

Over the last four years, the country\u2019s budget sharply increased from Shs32.7 trillion in FY2018\/19 to Shs48.1 trillion for FY2022\/23. Uganda\u2019s economy is now at about $45.7billion by the exchange rate method or $131billion by the Purchasing Power Parity (PPP) system, according to government data.<\/p>\n

\u201cThe national budget is growing faster than the rate at which the economy is growing and the rate at which the tax revenue is growing. Is this sustainable,\u201d asked Mr Prosper Ahabwe, the associate director for tax at Ernst & Young which is an internationally recognized consultancy.<\/p>\n

For the firm\u2019s country manager, Mr Geoffrey Byamugisha, the national budget is a development instrument which must be well designed and properly executed.<\/p>\n

\u201cThe tax regimes should be attractive for investors and a good tax regime makes the country become more competitive,\u201d he said during the Ernst & Young post- FY2022\/23 budget breakfast Forum at Sheraton Hotel in Kampala.<\/p>\n

Uganda did not didn\u2019t introduce any new tax for its new financial year.<\/p>\n

\u201c\u2026but there are some tax rates in Uganda that are higher than those in Kenya and Tanzania. A stringent tax regime scares away investors,\u201d Mr Byamugisha on June 22.<\/p>\n

He observed that the East African nation has since been displaced from Africa\u2019s top ten investment destination.<\/p>\n

Meantime, the Uganda Revenue Authority (URA) domestic tax commissioner Ms Sarah Chelangat Muzungyo emphasized strengthening and instituting changes in the URA tax administration system to improve tax collection.<\/p>\n

\u201cWe are strengthening our tax administration and payment of tax through digitization, establishing 24 hour support centres, simplification of tax payment processes and training of the taxpayers,\u201d she said.<\/p>\n

Early this week, Uganda announced plans to slap Value Added Tax (VAT) on non-resident service providing companies and internet giants like Facebook.<\/p>\n

For More News And Analysis About Uganda<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Uganda. Global financial experts have expressed worry over the rate of Uganda\u2019s national budget growth observing that \u201cit raises a lot of pressure on its sustainability since government continues to operate a deficit budget.\u201d Over the last four years, the country\u2019s budget sharply increased from Shs32.7 trillion in FY2018\/19 to Shs48.1 trillion for […]<\/p>\n","protected":false},"author":84,"featured_media":32934,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[233,240,234],"class_list":["post-32935","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-africa-press-uganda","tag-uganda"],"yoast_head":"\nUganda\u2019s budget rising faster than economic growth- experts - Uganda<\/title>\n<meta name=\"description\" content=\"Global financial experts have expressed worry over the rate of Uganda\u2019s national budget growth observing that \u201cit raises ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/uganda\/all-news\/ugandas-budget-rising-faster-than-economic-growth-experts\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Uganda\u2019s budget rising faster than economic growth- experts\" \/>\n<meta property=\"og:description\" content=\"Global financial experts have expressed worry over the rate of Uganda\u2019s national budget growth observing that \u201cit raises ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/uganda\/all-news\/ugandas-budget-rising-faster-than-economic-growth-experts\" \/>\n<meta property=\"og:site_name\" content=\"Uganda\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-23T11:47:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-06-23T11:59:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2022\/06\/postQueueImg_10-62b4559df3d2b.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1068\" \/>\n\t<meta property=\"og:image:height\" content=\"688\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/ugandas-budget-rising-faster-than-economic-growth-experts#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/ugandas-budget-rising-faster-than-economic-growth-experts\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Uganda\u2019s budget rising faster than economic growth- experts\",\"datePublished\":\"2022-06-23T11:47:57+00:00\",\"dateModified\":\"2022-06-23T11:59:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/ugandas-budget-rising-faster-than-economic-growth-experts\"},\"wordCount\":347,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/ugandas-budget-rising-faster-than-economic-growth-experts#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2022\/06\/postQueueImg_10-62b4559df3d2b.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Uganda\",\"uganda\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/uganda\/all-news\/ugandas-budget-rising-faster-than-economic-growth-experts#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/ugandas-budget-rising-faster-than-economic-growth-experts\",\"url\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/ugandas-budget-rising-faster-than-economic-growth-experts\",\"name\":\"Uganda\u2019s budget rising faster than economic growth- experts - 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