BUSINESS, ECONOMY, MARKETS

Safaricom Crowned Kenya’s Top Taxpayer After Forking Out Ksh98B in 2020

Safaricom was on Wednesday, March 17 named Kenya’s top taxpayer by the Kenya Revenue Authority (KRA) for the 13th year in a row.

It was awarded under the Large Taxpayers Category and was honored by KRA on behalf of the government for “outstanding contribution to the development of our economy through diligent payment of taxes.”

“We are here today with the blessings of His Excellency the President, to present you with the award for the Top Taxpayer of the year 2020.

“This award represents His Excellency’s recognition for Safaricom as the Top Taxpayer for having demonstrated highest tax revenue and exceptional compliance in payment and filing across all tax heads,” stated Dr. Rispah Simiyu, Commissioner, Domestic Taxes Department, Kenya Revenue Authority.

In FY20, Safaricom paid Kes98 billion in duties and taxes, in addition to Kes20 billion in dividends to the Government of Kenya. Over the same period, Safaricom sustained more than one million jobs directly and indirectly and spent Kes58 billion with local suppliers.

In the past 5 years, the firm’s cumulative taxes have amounted to Kes409 billion, including Kes95 billion in dividends.

Safaricom CEO Peter Ndegwa highlighted the telco’s focus on contributing to Kenya’s economic growth as he accepted the award.

Safaricom CEO Peter Ndegwa. He reiterated Safaricom's commitment to economic growth in Kenya. — Safaricom CEO Peter Ndegwa. He has reiterated Safaricom’s commitment to economic growth in Kenya.

“We also acknowledge that this recognition of top taxpayer, which we have now won 13 years in a row, is a result of our commitment to make a difference by supporting the economy through job creation, duties and taxes and meaningful partnerships,” he noted.

In a statement, the firm noted that they aimed to keep the country connected by prioritizing network stability to support use of M-PESA, voice, SMS and data.

It further highlighted measures taken support the country’s Covid-19 pandemic response – having contributed more than Kes10 billion in money, goods and services to the fight against the COVID-19.

“Safaricom is committed to support the government during these unprecedented times and urges the government to balance revenue recovery with encouraging business renewal and growth as we look ahead to the post-pandemic revival of the economy,” a statement from Safaricom read in part.