Ruto plans to collect KES 1 trillion more tax by June this year
President William Ruto has announced a new system to increase Kenya’s VATable revenue collection from 60% to 90%.
The Kenya Revenue Authority (KRA) is aiming to collect an extra KES 500 billion by June 2023 as part of the government’s plan to drive the country out of debt.
Last year, KRA recorded a revenue collection of KES 2.031 trillion, an increase from KES 1.669 trillion in the previous financial year.
The government has also introduced a Supplementary Budget which aims to slash borrowing targets by KES 300 billion. In FY2022/23, domestic borrowing is earmarked at KES 581.7 billion, while external borrowing is earmarked at KES 280 billion.
President Ruto stated, “I intend to collect an extra KES 1 trillion in the next 24 months and double our current collection by 2027 to make sure we drive this country out of the cliff of debt.”
Kenya’s public debt stock currently stands at KES 8.74 trillion, equivalent to 62.3% of GDP.
According to the 2021/2022 Quarterly Economic and Budget Review report, the debt is split equally between external and domestic debt, with KES 4.2 trillion each.
The Central Bank of Kenya’s Weekly Bulletin showed that public debt increased from KES 7,996.30 billion in September 2021 to KES 8,206.74 billion at the end of December 2021.
To prevent default on its loans, the government has implemented measures such as the Hustler Fund, which has already saved KES 600 million in its first month.
President Ruto assured the public, “The people of Kenya can be assured that our country will not default on our obligations. We have applied brakes on any more borrowing. Our borrowing will be limited to only what we must borrow.”
In order to broaden the tax base and reduce leakages in the system, the President emphasized the importance of everyone paying their fair share of taxes.
He said, “We will be paying tax as we do our business. That way I can be able to broaden the tax base and seal leakages in the whole system.”
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