๐๐๐ ๐ฌ๐ฎ๐ฌ๐ญ๐๐ข๐ง๐ฌ ๐ซ๐๐ฏ๐๐ง๐ฎ๐ ๐ ๐ซ๐จ๐ฐ๐ญ๐ก! ๐งต
KRA has maintained an upward trajectory in revenue collection after recording a 6.7% growth in financial year 2022/2023 by collecting KShs. 2.166 Trillion in FY2022/23.
Revenue collection has progressively increased fromโฆ
KRA has maintained an upward trajectory in revenue collection after recording a 6.7% growth in financial year 2022/2023 by collecting KShs. 2.166 Trillion in FY2022/23.
Revenue collection has progressively increased fromโฆ
The revenue collection signifies a performance rate of 95.3 per cent against the target despite an economic slowdown occasioned by unfavorable global fiscal environment.
#KRARevenuePerformance
#KRARevenuePerformance
Revenue performance was adversely affected by slowed domestic economic growth and a series of shocks that impacted the economy, including prolonged drought and , international conflicts.
This mirrors the World real GDP growth that decelerated to 3.4 per cent in 2022 from aโฆ
This mirrors the World real GDP growth that decelerated to 3.4 per cent in 2022 from aโฆ
The overall inflation remained above forecast levels averaging 8.78%compared to an average of 6.15% in the FY 2021/2022.
This was mainly driven by high fuel, electricity and food prices. The general economic environment was also influenced by exchange rate of the Kenya Shillingโฆ
This was mainly driven by high fuel, electricity and food prices. The general economic environment was also influenced by exchange rate of the Kenya Shillingโฆ
KRA is also mandated to collect revenue on behalf of other government agencies mainly at the ports of entry.
KShs. 136.390 Billion was collected on behalf of the agencies reflecting a growth of 3.7 per cent compared to the last financial year.
#KRARevenuePerformance
KShs. 136.390 Billion was collected on behalf of the agencies reflecting a growth of 3.7 per cent compared to the last financial year.
#KRARevenuePerformance
Domestic Taxes collected KShs. 1.407 Trillion against a target of KShs. 1.481 Trillion while Customs and Border Control (C&BC) collected KShs. 754.090 Billion.
This translates to a revenue growth of 8.5% and 3.5% respectively compared to the same period in FY 2021/2022.โฆ
This translates to a revenue growth of 8.5% and 3.5% respectively compared to the same period in FY 2021/2022.โฆ
Despite overall import values increasing by 15.3%
Customs performance was in part affected by growth in exemptions and remissions which grew by 39.7%
The special exemptions were part of the governmentโs strategies to mitigate against adverse effects of drought and reduce theโฆ
Customs performance was in part affected by growth in exemptions and remissions which grew by 39.7%
The special exemptions were part of the governmentโs strategies to mitigate against adverse effects of drought and reduce theโฆ
Excise on Betting registered a stellar performance rate of 116.2% after collecting KShs 6.640 Billion against a target of KShs 5.715 Billion. Excise on Betting collected a surplus of KShs 925 Million and grew by 30.0% compared to the same period in FY 2021/2022.
The performanceโฆ
The performanceโฆ
Domestic VAT collection soared to KShs. 272.452 Billion reflecting a growth of 11.3 per cent compared to the previous year. This is attributed to the Tax Invoice Management System (TIMS) which boosted compliance among VAT registered taxpayers.
VAT grew by 18.0% between Feb-Juneโฆ
VAT grew by 18.0% between Feb-Juneโฆ
Corporation tax collected KShs 263.819 Billion which is a growth of 9.0% with notable contributions from sectors such as Wholesale & Retail Trade, Finance & Insurance, Information & Communication, and Electricity, Oil, & Gas. Together, these sectors accounted for 66.2% of theโฆ
Pay As You Earn (PAYE) collected KShs. 494.979 Billion. The performance was mainly driven by remittance from private firms and public sector which grew by 10.7% and 1.9% respectively.
#KRARevenuePerformance
#KRARevenuePerformance
Domestic Excise collected KShs 68.124 Billion. The performance 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)โฆ
The revenue growth is attributed to implementation of key strategies as enshrined in KRAโs 8th Corporate Plan. Some of these strategies included:
1. Customer support programmes
2. Tax base expansion
3. Taxation on digital economy
4. Tax at source
5. Debt collection programmes
6.โฆ
1. Customer support programmes
2. Tax base expansion
3. Taxation on digital economy
4. Tax at source
5. Debt collection programmes
6.โฆ
Some of the significant steps KRA has taken to create a customer-centric tax environment to enhance voluntary compliance for improved revenue collection include tax education and awareness, stakeholder engagements, and customer visits to appreciate compliant taxpayers.
Inโฆ
Inโฆ
Furthermore, through the Tax Base Expansion program, KRA successfully on boarded previously non-compliant taxpayers, resulting in an impressive revenue collection of KShs 14.649 Billion and recruitment of 940,483 additional active taxpayers.
#KRARevenuePerformance
#KRARevenuePerformance
Digital Service Tax and VAT on Digital Market Supply collected KShs 5.328 Billion which is a growth of 207.9% compared to the previous FY.
These tax heads have brought inclusivity in payment of taxes especially from Non-residents.
#KRARevenuePerformance
These tax heads have brought inclusivity in payment of taxes especially from Non-residents.
#KRARevenuePerformance
Taxing from the source has allowed KRA to collect revenue directly at the source of income on a real-time basis. Some of the initiatives under this programme that have been implemented include:
1. Electronic Tax Invoice Management System (eTiMS) which has minimized VAT fraud andโฆ
1. Electronic Tax Invoice Management System (eTiMS) which has minimized VAT fraud andโฆ
KRA enhanced collection from debt programmes on non-compliant taxpayers, netting a total of KShs 99.272 Billion in FY 2022/2023.
The performance is attributed to follow up on demand notices issued and debt instalment plans agreed upon with taxpayers.
#KRARevenuePerformance
The performance is attributed to follow up on demand notices issued and debt instalment plans agreed upon with taxpayers.
#KRARevenuePerformance
Alternative Dispute Resolution (ADR) and Tax Appeals Tribunal (TAT) has enabled KRA to collect KShs 71.836 Billion from 7,458 concluded cases.
#KRARevenuePerformance
#KRARevenuePerformance
KRA has continued to leverage on technology to simplify tax processes and facilitate trade. KRA aspires to transform into a highly digitalized revenue administration in facilitating ease of tax compliance and trade.
#KRARevenuePerformance
#KRARevenuePerformance
Over 6.3 Million taxpayers filed their tax returns for the year 2022!
Thank you to all taxpayers who submitted their returns. We appreciate your efforts to comply.
The full revenue performance report can be accessed from the KRA website here bit.lyโฆ
Thank you to all taxpayers who submitted their returns. We appreciate your efforts to comply.
The full revenue performance report can be accessed from the KRA website here bit.lyโฆ
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