Gov’t to strengthen domestic revenue mobilization to finance next FY2022/23 budget
The economic policy aims to restore economic activity to pre-pandemic levels and accelerate the pace of social economic transformation.
Drake Nyamugabwa
In a bid for Ministry of Finance, Planning and Economic Development to reduce foreign debt and introduction of new taxes to finance budgets, government has a deliberate move to continue implementing domestic revenue mobilization through enforcement of compliance of tax payers and other sources of funds.
Minister of Finance, Planning and Economic Development, Hon Matia Kasaija while meeting Uganda Parliamentary Press Association to discuss the FY2022/23 Budget strategy said that the budget strategy will highlight the way forward on how to deal with current social-economic constraints facing the economy and to chat a way of restoring growth to achieve the planned social-economic development goals for Uganda.
“FY 2022/23 NDPIII targets to achieve two key results; raising per capita income from USD 954 to USD 1,049 to realize middle income status & improving the quality of life of all Ugandans. The budget strategy presents a way forward on current socioeconomic constraints, restoring growth to pre-covid19 times and placing effort on achieving socioeconomic goals” he said
The meeting that took place at Hotel Africana on Friday 29th October 2021 between the ministries, CSBAG, ACODE and members of the Uganda Parliamentary Press Association was discussing the Budget strategy and related issues that will guide and inform the planning and budgeting process for FY 2022/2023
The Permanent Secretary Ministry of Finance Planning and Economic Planning, Ramathan Ngoobi pictured above told journalists that due to the effects and the measures to contain the COVID-19 pandemic, the implementation of the NDPIII was disrupted which he said slowed a lot of economic activity and threatened social economic progress.
“due to COVID-19 business activity was reduced by more than 50% ,70% of the businesses reduced the size of workforce & there was reduced aggregate demand with decline in domestic consumption, slowed private and public investment and reduction in exports.
He said that the opportunities for growth will rotate around Acceleration of import substitution, Digitization of some socioeconomic activities for efficiency like automation of procurement, Reform urban transportation to reduce congestion, FDI inflows for infrastructure development and Improved access to export mkt.
The President of Uganda Parliament Press Association Moses Mulondo proposed to minister to considered the creation of a media fund that can be accessed by media practitioners, the reduction of internet cost, reduce taxes limiting access to internet, Media SACCO support among other priorities.
The Acting Executive Director, Private Sector Foundation Uganda Francis Kisirinya in picture above recommended that as a means of recovering Uganda’s economy the budget strategy for 2022/23 budget should include a stimulus package for all intervention including availing cost effective capital for rebuilding and expansion the private sector, widen markets through local content policies, improve efficiency of government among others.
