KRA records highest tax collection in Kenya’s history
KRA records highest tax collection in Kenya’s history for the financial year that ended June 30, 2022.
Kenya Revenue Authority (KRA) on Thursday, July 7 has announced that it had recorded the highest tax collection in Kenya’s history.
KRA declared in a statement that it had collected Ksh2 trillion in revenue, a record since it was established.
Compared to the Ksh 1.669 trillion collected the previous year, the authority collected Ksh 2.031 trillion for the 2021–2022 fiscal year.
The taxman said the positive revenue growth rate mirrors the improved tax compliance from patriotic taxpayers who contributed to the collection of revenue surplus of Ksh148.9 billion against the original target, which is the highest surplus ever in KRA’s history.
“The authority registered an above-target stellar revenue performance after exceeding the fiscal year target as stated in the Budget Policy Statement. KRA surpassed the original target of Ksh1.882 trillion and two other upward revenue target revisions of Ksh1.911 trillion, which was later revised to Kshs1.976 trillion. This is the first time it has surpassed its original target in 14 years (since FY 2007/08),” the taxman stated.
KRA revealed that they registered yet another milestone – tripling the levy collections since the 2011/12 financial year in which the revenue stood at Ksh707.36 billion
Kenya exceeded the domestic tax target of Ksh1.267 trillion by Ksh30.44 billion, marking a performance percentage of 102.4 percent, according to the taxman.
Additionally, by Ksh25.7 billion, Customs and Border Control surpassed their Ksh702.8 billion goal.
Non-petroleum taxes rose by 20.7 percentage points while petroleum taxes rose by 9.4 percent.
KRA attributed highest highest tax records to the growth to the prevailing economic indicators which projected a 5.9 percent growth in the Gross Domestic Product (GDP).
It further attributed the growth to internal reforms.
“The performance is further anchored on the ongoing transformation at the authority including the implementation of a high-performance culture with stringent performance accountability as well as strict enforcement of tax laws in the fight against tax evasion,” read the statement in part.
Also read,
Kenya’s Budget 2022/23 Financial year; Key highlights
Winners And Losers in 2022 Budget
University graduate busted doing multi-million smart bhang farming in 6-Bedroom Mansion (VIDEO)
Follow us
