KRA revenue collection hit Ksh.1.45 trillion in 10 months to April
Kenya Revenue Authority (KRA) collected Ksh.1.45 trillion in ten months to April 2022 from Ksh.1.1 trillion in April 2021.
This represents a 22 percentage point jump, signaling a continued recovery of revenue collection by KRA.
The exchequer has since raised tax goal for KRA by a further Ksh.33 billion to Ksh.1.74 trillion from a mere Ksh.1.71 trillion.
Treasury CS Ukur Yatani outlined new tax measures this fiscal year to include 16 percent levy on cooking gas, raising of excise duty on airtime and data to 20 percent from 15 percent.
He also introduced a 20 percent duty on fees and commissions earned on loans as well as a 7.5 percent tax on gambling wins.
The International Monetary Fund (IMF) last month backed Kenya’s “important tax policy measures”, arguing they have resulted in “strong” collections.
“These resources bring resilience that will allow cushioning part of the impact of the sharp increase in global energy and fertiliser prices on households and businesses while still remaining within the authorities’ fiscal targets for FY2021/22,” said IMF Mission Chief to Kenya Mary Goodman.