KRA Collected 789.3 Billion Shillings In November

Total revenue collected as of the end of November 2022 by the Kenya Revenue Authority amounted to 789.3 billion shillings.

The amount collected was equivalent to 36.9 percent of the original estimates of 2,141.6 billion shillings for FY’2022/2023 and 88.5 percent of the prorated estimates of 892.3 billion shillings.

“We note that the government has not been able to meet its prorated revenue targets five months into the FY’2022/2023 partly attributable to the tough macroeconomic environment in the country as a result of elevated inflationary pressures with November 2022 coming in at 9.5 percent,” said Cytonn.

Cumulatively, tax revenues amounted to 758.6 billion shillings, equivalent to 36.6 percent of the original estimates of 2,071.9 billion shillings and 87.9 percent of the prorated estimates of 863.3 billion shillings.

Total financing amounted to 350.3 billion shillings, equivalent to 25.0 percent of the original estimates of 1,403.0 billion shillings and is equivalent to 59.9 percent of the prorated estimates of 584.6 billion shillings.

Additionally, domestic borrowing amounted to 218.9 billion shillings, equivalent to 21.0 percent of the original estimates of 1,040.5 billion shillings and 50.5 percent of the prorated estimates of 433.5 billion shillings.

The total expenditure amounted to 1,137.4 billion shillings, equivalent to 32.1 percent of the original estimates of 3,544.6 billion shillings, and 77.0 percent of the prorated target expenditure estimates of 1,476.9 billion shillings.

The cumulative public debt servicing cost amounted to 449.6 billion shillings which is 32.3 percent of the original estimates of 1,393.1 billion shillings, and 77.5 percent of the prorated estimates of 580.5 billion shillings.

Additionally, the 449.6 billion shillings debt servicing cost is equivalent to 57.0 percent of the actual revenues collected as of the end of November 2022, further emphasizing how much public debt weighs on the country’s expenditure.

Additionally, Recurrent Exchequer issues came in at 436.5 billion shillings equivalent to 37.0 percent of the original estimates of 1,571.8 billion shillings and 88.9 percent of the prorated estimates of 491.0 billion shillings.

Total Borrowings as of the end of November 2022 amounted to 335.0 billion shillings, equivalent to 24.1 percent of the original estimates of 1,389.8 billion shillings for FY’2022/2023 and 57.9 percent of the prorated estimates of 463.3 billion shillings.

The cumulative domestic borrowing target of 1,040.5 billion shillings comprises adjusted Net domestic borrowings of 579.1 billion shillings and Internal Debt Redemptions (Roll-overs) of 461.4 billion shillings.

Related Content: KRA Collects Ksh 636 Billion As Of October 2022