Banks pay Sh129b in taxes as economy rebounds from pandemic

From left, Edward Karanja (KRA), PwC's Alice Muriithi and KBA CEO Habil Olaka. [Wilberforce Okwiri, Standard]

The amount of taxes that banks paid to the government grew to pre-pandemic levels to Sh129.5 billion in 2021.

This was a 23.6 per cent growth from Sh104.8 billion remitted by the industry to the government as taxes a year earlier, which a new report by the Kenya Bankers Association (KBA) attributes to the economy bouncing back from Covid-19 woes.