KRA Targets to Raise Sh2.8 Trillion By June Next Year

The Kenya Revenue Authority (KRA) is looking to raise Sh2.8 trillion by June next year to enable President William Ruto to achieve his ‘Bottom-up’ economic agenda. KRA is also looking to raise Sh3 trillion in the 2024-25 financial year (FY).

“KRA is confident that it will achieve this target and enable the government finance its Bottom-Up Economic Transformation Agenda (BETA) and sustain the country’s economy,”

– KRA said in a statement.

Raising taxes will be a huge task for the taxman since it will be required to raise about Sh400 billion in this fiscal year. In the last fiscal year that ended last month, KRA raised Sh2.2 trillion, a 6.7 percent rise from a similar period last year.

However, it plans to achieve the above targets by introducing tax administrative measures as well as reforms to grow taxes.

“KRA will implement the National Tax Policy and the Medium-Term Revenue Strategy (MTRS) for the period FY 2023/24 – 2026/27. ISO 9001:2015 CERTIFIED PUBLIC KRA will also develop and implement its 9th Strategic Plan after the end of the 8 th Corporate Plan cycle in 2023/24.” – KRA added.

While KRA collected Sh1.41 trillion in domestic taxes, customs revenue stood at Sh754.1 billion in the just finished FY. Excise on betting also went up by 116.2 percent to Sh6.64 billion, against a previous target of Sh5.72 billion.

Whereas domestic value-added tax (VAT) grew to Sh272.45 billion, corporation tax improved by 94.2 percent to Sh263.82 billion.

“P.A.Y.E registered a growth of 7.2% after collecting KShs. 494.979 Billion. The performance was mainly driven by remittance from private firms and public sector, which grew by 10.7% and 1.9% respectively.” – KRA added.

Source: capitalfm.co.ke

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