The Rwanda Revenue Authority (RRA) has revealed that in the 2023/2024 fiscal year, collected over Rwf 2,619 billion in tax revenues, achieving 99.3% of its Rwf 2,637 billion target.
This was announced by RRA Commissioner General Ronald Niwenshuti during a press conference on July 3, presenting preliminary results of Tax Revenue Performance for 2023/2024 and launching the Tax Compliance Improvement Plan 2024/2025.
For the 2023/24 financial year, Rwanda Revenue Authority collected Rwf 2,619.2 billion against a target of Rwf 2,637 billion, representing 99.3% with a growth of 12.3% compared to 2022/23.
According to the Rwanda Revenue Authority, some key contributors to the achieved target of 2023/24 include the increased uptake of Electronic Billing Machine (EBM) usage, the system controls put in place, the VAT Reward program, the Voluntary Disclosure scheme, increased volume of imports, and the automation of key services.
“For this new FY 2024/2025, our revenue target is set at an ambitious sum of Rwf 3,061.2 billion, which is 54% of the national budget of Rwf 5,690.1 billion, and we are very optimistic that we shall achieve it,” Rwanda Revenue Authority said.
To realize this target, RRA’s tax compliance improvement plan for this FY 2024/2025 will mainly focus on the wholesale and retail trade sector, the manufacturing sector, the hospitality sector, and liberal professions in domestic taxes.
From customs, RRA shall focus on importers who dealt with high-risk commodities, goods from high-risk origins, traders who benefited from the EAC duty remission scheme (exemption), and Customs Clearing agencies.
The Rwanda economy continues to grow through promoting internal production, which contributes to Gross Domestic Product (GDP).
