KRA hits one-trillion revenue collection mark
Business
By
Stephanie Wangari
| Dec 11, 2023
The Kenya Revenue Authority (KRA) has hit the one trillion revenue collection mark. This is after the agency collected Sh 1.030 trillion as at December 8, 2023.
In the month of November, KRA recorded a 15.8 per cent growth compared to the same period last year after collecting Sh 180.714 billion up from Sh 156.095 billion collected in November 2022.
"Revenue collection has progressively increased in the last 5 months (July -November 2023/24) after KRA collected Sh963.746 billion compared to Sh 856.646 billion collected in the same period last financial year, representing a growth of 12.5 per cent," said the agency in a statement on Monday, December 11.
Despite the improvement, however, KRA says there were some economic indicators that impacted the revenue performance, among them the depreciation of the Kenyan shilling against the US dollar by 22.0% in July - November 2023.
"This, coupled with increasing prices of key products like oil has an effect of driving down import demand," said KRA.
READ MORE
Education PS flags possible scrapping of C4 schools
Witness says Bliss Hospital locked out Rex Masai during June 2024 protests
Jilted lover attacks woman in Bungoma
Pilot, co-pilot killed in LaGuardia runway collision
A free lecture for those who want professors to retire early
How NARC resuscitated imperial presidency that Kenyans loathed
KNEC opens KCSE registration for 8-4-4 candidates
Family calls for justice over woman's murder
How Kenya missed out on Sh125b World Bank project
From austerity to handouts: Ruto's Sh4.7tr pre-election budget to appease Kenyans
"Revenue performance was also affected by low domestic demand as indicated by the slowed Purchasing Managers Index (PMI) that averaged at 47.18 points in July -November 2023 down from 48.66 points in July - November 2022."
KRA says it has recorded the second highest monthly collection in its history.
President William Ruto has defended the move by his administration to increase tax, saying it is the only way to solve the problems facing Kenyans.