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Government and Policy

KRA Beats Own Record, Collects Ksh 210 Billion In October

BY Soko Directory Team · November 9, 2024 11:11 am

KEY POINTS

Customs Revenue, on the other hand, recorded a performance rate of 101.3% with a collection of Kshs 73.176 Billion, thereby surpassing the target by 1.3%. This translates to a revenue growth of 2.4%, compared to the same period in FY 2023/2024.

Kenya Revenue Authority (KRA) has surpassed its October 2024 revenue target after recording a 7.3% growth in revenue collection. KRA collected Kshs 210.429 Billion against a target of Kshs 203.469 Billion surpassing the target by Kshs 6.960 Billion. The revenue collection performance translates to an overall 103.4% performance rate against the target, therefore denoting a 7.3% growth in revenue collection for October.

During the period under review, Domestic Taxes registered a revenue growth of 10.2% after collecting Kshs 136.961 Billion compared to Kshs 124.279 Billion collected in October 2023. Domestic Taxes surpassed the target of Kshs 130.816 Billion by 4.7%, which translates to a performance rate of 104.7%.

Customs Revenue, on the other hand, recorded a performance rate of 101.3% with a collection of Kshs 73.176 Billion, thereby surpassing the target by 1.3%. This translates to a revenue growth of 2.4%, compared to the same period in FY 2023/2024.

Performance of Key Tax Heads 

  • Withholding Tax surpassed its target by 6% to Kshs 17.046 Billion due to good performance from both the Private sector (mainly Interest, Dividends, Pension or Retirement Annuity, etc) and Public Sector with growths of 27.4% and 41.9% respectively. This translated to a Revenue Growth of 21.6% compared with what was collected in October 2023.

  • Excise Tax on Betting Services surpassed its target by 4% to Kshs 1.085 Billion driven by ongoing European major Leagues for the 2024/25 season (English Premier League, Laliga, Bundesliga, and Ligue 1) among other sporting events which attracted more stakes from punters.

  • Pay-As-You-Earn (PAYE) registered a 6% performance rate in October, having collected Kshs. 48.688 Billion against a target of Kshs. 47.930 Billion. This performance represented a Revenue Growth of 12.0% compared to the corresponding month in the Financial Year 2023/2024.

  • Corporation Tax registered a 0% performance rate to collect Kshs. 15.469 Billion against a target of Kshs. 15.314 Billion. This performance translated to a 19.7% growth in Revenue Collection compared to the same month in the FY 2023/2024. This has been credited to enhanced remittance of Corporation Tax from the following sectors: Electricity, Oil, & Gas; Manufacturing (Beer, Wines & Spirits, Soft drinks, etc); Wholesale & Retail Trade (Supermarkets, retail outlets, etc); Accommodation & Food Services; Real Estate; among others.

To enhance revenue mobilization and improve efficiency, KRA has already embarked on implementing the 9th Corporate Plan over the next five years. Over this period, KRA will focus on enhancing tax and Customs compliance through simplification of processes; tax base expansion; scaling up infrastructure to meet business demands; enhancing data management maturity; optimizing human resource capacity and capability; among others.

KRA is also implementing the National Tax Policy and the Medium-Term Revenue Strategy (MTRS) for the period FY 2024/25 – 2026/27. KRA’s role is to collect, assess, and account for all revenues on behalf of the national government, as well as administering tax and Customs laws.

Read Also: No Taxes Were Lost During Palm Oil Importation – KRA

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