KRA hits Ksh1 trillion mark in revenue collection
KRA) has made a significant gain in revenues collected after hitting the Ksh1 trillion mark in the latest revenue collected across the country
The Kenya Revenue Authority(KRA) has made a significant gain in revenues collected after hitting the Ksh1 trillion mark in the latest revenue collected across the country.
According to official documents from KRA, the total revenue collected as of November 30 this year stood at Ksh1.005 trillion.
The figures mean that the KRA has recorded an improvement in the revenue collected this year, as compared to the previous financial year(2023/2024) where they had to wait until December 7 to hit a target of Ksh1.009 trillion.
“Kenya Revenue Authority (KRA) has hit the one trillion mark after collecting Ksh1.005 trillion as of November 30, 2024,” KRA stated in a statement.
”This reflects an upward trajectory in revenue collection, compared to the previous financial year (2023/2024), when the Authority achieved the same milestone on December 7 2023 with Kshs 1.009 trillion,” it added.
Consequently, the total revenue collected in the last 5 months(July – November) amounted to Ksh1.5 trillion, compared to the Ksh963.7 billion collected in the same period last year. This reflected a growth of 4.3 percent.
”Notably, revenue collected in the last 5 months (July – November 2024/25) amounting to Kshs 1,005.183 Billion reflects a growth of 4.3% compared to Kshs 963.746 Billion collected in the same period last financial year,” KRA noted.
Customs
On customs, the taxman also recorded an impressive growth in revenue streams, this is after it recorded figures above its Ksh70 billion mark target.
In the last four months alone, KRA customs revenue amounted to Ksh359.571 billion an improvement from the Ksh339.678 billion.
The figures represented a growth of Ksh19.893 billion which is equal to 5.9 percent, realized in the same period in the financial year 2023/24.
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Domestic taxes
For the period July-November 2024, the taxman recorded revenue growth of 3.5 percent, this is after it collected Ksh643.790 billion from the Ksh621.984 billion recorded under the same period in 2023.
However, KRA decried various economic indicators including the low domestic demand, that it noted impacted its full potential to realize more revenues as they had projected.
”Key among these indicators is the significant low domestic demand as indicated by the slowed Purchasing Managers Index (PMI) that averaged at 48.94 points in July- November 2024 indicating a contraction in the economic activities,” the taxman noted.
Additionally, moderate import values, which is a main source of both raw materials and final consumer goods which stood at 1.0 per cent, impacted on its revenue collection.
Meanwhile, KRA has set its eyes on collecting Ksh2.704 trillion by the end of the financial year 2024/2025, to enable the government to sustain the economy.
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