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KRA Collects Ksh2 Trillion in Record-Breaking Annual Performance

KRA recorded its highest ever revenue growth

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The Kenya Revenue Authority (KRA) recorded its highest ever revenue growth as it collected Ksh2.031 trillion in the financial year ended June 2022, up from Ksh1.669 trillion in the 2020/21 financial year.

KRA surpassed the original target of Ksh1.882 trillion contained in the Budget Policy Statement as well as the revised revenue target of Ksh1.911 trillion, which was later revised upward again to Ksh1.976 trillion.

KRA Commissioner General Githii Mburu attributed the performance to factors including enhanced active surveillance and enforcement operations undertaken in collaboration with the multi-agency team.

The taxman has over the past year stepped up its use of technology for surveillance in addition to hiring more enforcement staff.

Other key revenue drivers cited by Mburu were participation in the Exchange tax information framework and the Voluntary Tax Disclosure Program.

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The Voluntary Tax Disclosure Programme allowed  taxpayers to disclose tax liabilities that were previously undeclared to enjoy relief of penalties ans interest. Ksh8.546 billion was collected from 17,038 applications in the financial year ended June 2022.

Corporation tax collection grew 32.7% year on year to Ksh242.018 billion. The performance was driven by increased remittance from key sectors including finance and insurance, manufacturing, wholesale and retail trade, and transport and storage sectors.

Pay As You Earn (P.A.YE) registered a collection of Ksh461.815 billion against a target of Ksh455.129 billion – driven primarily by gradual recovery of the job market.

Domestic VAT collections grew 24% Ksh244.693 billion. Domestic Excise tax grew 6.2% to Ksh66.529 billion.

KRA aims to collect Ksh6.831 trillion by the end of Financial Year 2023/2024. Mburu stated that they were  confident KRA would achieve the target ‘and enable Kenya to sustain its economy’.

Mburu expressed confidence that KRA would post an even stronger performance in the new financial year.

“KRA endeavors to make paying taxes experience better for all its customers and reiterates its commitment to integrity and professionalism in serving taxpayers. We are optimistic that we will record an even better performance in the new financial year,” he stated.

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MARTIN SIELEhttps://loud.co.ke/
Martin K.N Siele is the Content Lead at Business Today. He is also a Quartz contributor and a 2021 Baraza Media Lab-Fringe Graph Data Storytelling Fellow. Passionate about digital media, sports and entertainment, Siele also founded Loud.co.ke
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