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KRA collects Sh2.16T revenue, misses annual target by Sh107 billion
The Kenya Revenue Authority (KRA) has collected Sh2.166 trillion in revenue for the financial year ending June 30, an upward growth of Sh135 billion from the previous year.
Even so, the Authority missed its annual target by Sh107 billion.
“Despite an economic slowdown occasioned by an unfavourable global fiscal environment, KRA recorded a revenue collection of Sh2.166 Trillion for the period July 2022 – June 2023 compared to Sh2.031 Trillion in the last financial year. The collection for the financial year 2022/2023 was, therefore, higher than what was collected in the financial year 2021/2022 by Sh135 billion,” read their press release.
KRA said the revenue performance was affected by the slowed domestic economic growth witnessed in 2022 due to the effects of various factors including prolonged drought and international conflicts.
“The revenue performance was affected by the slowed domestic economic growth in 2022 which went down to 4.8 percent from 7.6 percent in 2021. This mirrors the World real GDP growth that decelerated to 3.4 percent in 2022 from a growth of 6.0 percent in 2021,” it was noted.
The taxman collected Sh2.030 trillion from the exchequer compared to Sh1.900 trillion collected in the FY 2021/22 indicating a 6.9 percent growth.
Sh136.390 billion was collected on behalf of government agencies in the financial year ending June 30 including Road Maintenance Levy, Air Passenger Service Charge, Aviation Revenue, Petroleum Development Fund amongst other levies; a growth of 3.7 percent compared to the last financial year.
Domestic taxes registered a revenue growth of 8.5 percent after collecting Sh1.407 trillion against a target of Sh1.481 trillion.
“Customs taxes recorded a performance rate of 95.6% with a collection of Ksh. 754.090 billion. This translates to a revenue growth of 3.5 per cent compared to the same period in FY 2021/2022. Despite overall import values increasing by 15.3%, Customs taxes performance was in part affected by growth in exemptions and remissions, which grew by 39.7%, driven by special exemptions accorded to rice, maize, sugar, and cooking oil. These products account for 24.8% of exemptions accorded in the FY 2022/2023. The special exemptions were part of the government’s strategies to mitigate against adverse effects of drought and to reduce the cost of living,” KRA said.
On betting, KRA collected Ksh. 6.640 billion against a target of Ksh. 5.715 billion; a performance rate of 116.2 percent.
“Excise on betting collected a surplus of Sh925 million and grew by 30.0% compared to the same period in FY 2021/2022. The performance is attributed to the integration of betting companies into the KRA tax system. The integration has streamlined tax remittance from the sector and scaled up revenue collection,” KRA Ag. Commissioner General noted.
Collection of domestic VAT stood at Sh272.452 billion, a growth of 11.3 percent compared to FY 2021/22 which was attributed to the implementation of the Tax Invoice Management System (TIMS).
“It is important to note that VAT growth scaled up to 18.0% in February – June 2023 upon implementation of Tax Invoice Management System (TIMS & eTIMs), from an earlier slower growth of 6.7% in the first 7 months of FY 2022/23. This performance is expected to be sustained in the coming year once full rollout of eTIMS is realised amongst the VAT-registered taxpayers,” KRA said.
Corporation tax collected Sh263.819 billion while Pay As You Earn (P.A.Y.E) collected Sh494.979 billion.
Further, domestic excise recorded a growth of 2.8 percent in FY 2022.23 with a collection of Ksh. 68.124 billion. The growth is attributed to the growth in revenue from Cosmetics (60.6% growth); Wines and Spirits (8.7% growth); Bottled Water (4.4% growth); Soft Drinks (8.0% growth); Beer (0.4% growth); and Tobacco (2.8% growth).
KRA attributed the revenue growth to the company’s implementation of key strategies including customer support programmes, tax base expansion, taxation of digital economy, tax at source, debt collection initiatives, dispute resolution framework and technology.
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