Business closures, lay-offs cost Treasury Sh153b tax

The adverse effects of Covid-19 have seen the government significantly cut its projected tax collection from businesses and workers by Sh153 billion, pointing to a tough economic landscape.

Consequently, the Exchequer expects to net Sh377 billion from employees in the formal sector, a reduction by close to a fifth from the Sh468.5 billion it had targeted at the beginning of the last financial year.