KRA’s Tax Collections Hit Ksh. 1 Trillion in Nine Months

The Kenya Revenue Authority collected a total of 1.02 trillion shillings in tax collections in the nine months that ended March 2019, an 8.62 percent increase from what was collected at the same time the previous year.

In order to meet its full-year target in the next 3 months, the tax-man is left with a total of 585.27 shillings.

In 2018, KRA collected 939.37 billion shillings and from the recent data from the National Treasury, the taxman improved in its collection duty.

KRA had raked in an equivalent of 63.55 percent of the nearly 1.61 trillion-shillings target set by the Treasury in the current year ending in June during the review period which is slightly lower than 65.23 percent performance rate of the 1.44 trillion shillings target for the previous year ended June 2018.

Shortfalls in revenue collection targets widen the country’s budget deficit which is bridged through increased borrowing to meet cash demands for public service delivery and development projects.

Chief taxman has linked this to sluggish recovery from 2017 election jitters which hurt investment sentiment in that period with growth in economic output, gross domestic product, slowing to a five-year low of 4.9 percent.

Source: Business Daily