KRA collects Ksh2.5 trillion in taxes in 2024/2025 financial year
The Kenya Revenue Authority (KRA) has announced it collected Ksh2.571 Trillion in taxes from Kenyans in the 2024/2025 financial year.
The Kenya Revenue Authority (KRA) has announced it collected Ksh2.571 Trillion in taxes from Kenyans in the 2024/2025 financial year.
In a statement on Thursday, July 10, KRA said it recorded a 6.8 percent revenue growth despite tough economic challenges.
“Kenyans paid Ksh2.571 trillion in taxes for FY 2024/2025. This is a remarkable 6.8% growth despite economic challenges! For three decades, you’ve been our partners in nation-building. Every contribution has shaped Kenya’s growth story,” read the statement in part.
KRA reported that domestic revenue collection grew by 4.8%, reaching Ksh1.688 trillion against a target of Ksh1.721 trillion, representing a performance rate of 98.1%.
The taxman collected Ksh879.329 billion against a target of Ksh830.368 billion in customs revenue.
“This translates to a revenue growth of 11.1% compared to the same period in FY 2023/2024,” KRA stated.
In domestic value added tax (VAT), the authority collected Ksh327.336 billion, with Ksh148.374 billion collected in the first half of the FY and Ksh178.962 Billion in the second half.
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KRA also collected Ksh560.963 billion from Pay As You Earn (P.A.Y.E), achieving a remarkable 99.0% performance rate.
“Pay As You Earn (P.A.Y.E) remained a strong pillar of revenue performance, collecting Kshs. 560.963 billion and achieving a remarkable 99.0% performance rate. This 3.3% growth reflects continued employer compliance and resilience despite policy shifts and relief adjustments,” KRA stated.
Corporation tax, on the other hand, grew by 9.9% compared to 4.9% in the last financial year.
The performance was boosted by a number of sectors, including ICT, manufacturing, financial, real estate, wholesale, and retail, among others.
Further, KRA announced that 3,512,835 taxpayers benefited from the Tax Amnesty Program, with Ksh95.645 billion in penalties and interest waived.
The program also led to the collection of Ksh29 billion after 116,144 taxpayers voluntarily declared and paid their taxes.
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