Skip to content
Market News

KRA Hits One Trillion Mark, Records 4.3% Growth In Revenue Collection

BY Soko Directory Team · December 9, 2024 10:12 am

KEY POINTS

Domestic taxes amounted to Kshs 643.790 Billion in July - November 2024, translating to a revenue growth of 3.5% over Kshs 621.984 Billion realized in July - November 2023.

KRA targets to collect 2.704 Trillion by the end of Financial Year 2024/2025. KRA is confident that it will continue with the upward trajectory and achieve the set target to enable the government sustain the country’s economy.

KRA has hit the one trillion mark after collecting Kshs 1.005 Trillion as of 30th November, 2024 reflecting an upward trajectory in revenue collection, compared to previous financial year (2023/2024), when the Authority achieved the same milestone on 7th December 2023 with Kshs 1.009 Trillion.

Notably, revenue collected in the last 5 months (July – November 2024/25) amounting to Kshs 1,005.183 Billion reflects a growth of 4.3% compared to Kshs 963.746 Billion collected in the same period last financial year.

In spite of the progressive growth, the collection was affected by various economic indicators that directly drive revenue collection. The Various indicators that significantly impact on revenue performance have generally moved contrary to expectations, with adverse impact on revenue mobilization.

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

Key among these indicators is the significant low domestic demand as indicated by the slowed Purchasing Managers Index (PMI) that averaged at 48.94 points in July – November 2024 indicating a contraction in the economic activities. This is also indicative from the modest growth in overall import values of goods by 1.0% in the five months of 2024/25, which is a main source of both raw materials and final consumer goods. Furthermore, Government being a key consumer of VATable goods has applied austerity expenditure measures that negatively affects various key sectors over time.

However, in a remarkable achievement, Customs continues to record an above Kshs 70 Billion-mark monthly collection in the last 4 months (August – November 2024/25). Thus, cumulatively (July – November 2024) Customs revenue collections amounted to Kshs 359.571 Billion, a growth of 5.9% over Kshs 339.678 Billion realized in the same period of FY 2023/24.

Domestic taxes amounted to Kshs 643.790 Billion in July – November 2024, translating to a revenue growth of 3.5% over Kshs 621.984 Billion realized in July – November 2023.

KRA targets to collect 2.704 Trillion by the end of Financial Year 2024/2025. KRA is confident that it will continue with the upward trajectory and achieve the set target to enable the government sustain the country’s economy.

Read Also: KRA Beats Own Record, Collects Ksh 210 Billion In October

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system. Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

Trending Stories
Government and Policy Understanding The Revised NTSA Traffic Offenses And Fines: A Guide For Safer Roads Steve Biko Wafula
Government and Policy TSC Releases New Requirements For Deployment Of P1 Teachers To Junior Secondary Getrude Mathayo
Market News Kenya Airways Resumes Trading At The NSE With A Bang, Price Ups 5.7% Standard Investment Bank
Investment Rendeavour Appoints New Board Chairman And Independent Directors Soko Directory Team
Headlines Why Health Insurance Is More Than A Policy—It’s A Promise Soko Directory Team
Related Articles
Market News Kenya Airways Top Gainer At The NSE As Equity Turnover Expands 42% Standard Investment Bank
Market News Kenyan Shilling Holding Forte This Njaanuary Dyer and Blair
Investment Kenyans Felt The Pressure Of Higher Commodity Prices In December Soko Directory Team
Market News Equity Turnover Rises 287% As Kenyan Shilling Slightly Dips Dyer and Blair
Market News Kenya Airways Resumes Trading At The NSE With A Bang, Price Ups 5.7% Standard Investment Bank
Explore Soko Directory
Banking Blogging Commodity Watch Did you know Entertainment Entrepreneur's Corner Feature Government and Policy Headlines Investment Lifestyle Market News Money Opinion Press Releases Stock Watch Technology
Soko Directory Archives