The Uganda Revenue Authority (URA) has posted sh28.64bn as surplus in January; giving confidence to the revenue body that it would hit its target for this financial year.

According to a press release released on Feb. 21, net revenue collections for January 2013 were sh620.54bn against a target of sh591.90bn, posting a surplus of sh28.64bn. However, compared to January 2012, gross revenue collections increased by 21.61% (sh110.28bn).

On a cumulative basis, gross revenue collections for the period July - January2013 were sh3, 996.99bn against a target of sh4,143.84bn, registering a deficit of sh146.85bn.

Compared to the period July - January 2012 there was a growth in net revenue of 16.27% (sh559.41bn).

The January performance was attributed to the increase in tax revenues from the increased issuance of treasury bills and bonds, growth of 23.64% in phone talk time sub-sector sales, increased VAT collections from electricity subsector among others.