The Finance ministry’s latest monthly economy report has revealed that the total revenue for August 2024 amounted to Shs2.477 trillion against the programmed target of Shs2.499 trillion. This means the Treasury registered a shortfall of Shs22.77b. The ministry says this was largely due to lower-than-planned grants and other revenue which registered shortfalls of Shs34.42b and Shs35.31b respectively.

The report reveals that project grants registered a shortfall of Shs71.51b which more than offset the surplus of Shs37.08b registered under budget support grants.

“The surplus under budget support grants was on account of disbursements from USAID to support regional referral hospitals,” the ministry disclosed in the report.

Computed statistics indicate that tax collections for the month amounted to Shs2.195 trillion against the target of Shs2.148 trillion, posting a surplus of Shs46.96b. This translates to a performance rate of 102.2 percent by the taxman.

This performance was attributed to surpluses in taxes on income and profits and trade taxes on goods and services, which amounted to Shs61.44b and Shs21.87b respectively. On the other hand, taxes on international trade registered a shortfall of Shs36.35b.

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