The Kenya Revenue Authority (KRA) has announced a significant increase in revenue collection, revealing that it has collected KES 1.55 trillion for the 2022/23 financial year.
In a statement, the taxman said revenue collection was averaged at 95.1 percent on the original target and 93.4 percent on the Supplementary target.
“As at the close of March 2023, revenue collection averaged 95.1 percent on original target and 93.4 percent on Supplementary target, representing a collection of Kes1.554 trillion,” reads part of the statement.
Further, the Authority stated that it has invested in modern technology, which works efficiently as the revenue collection and settlement system from source to The Exchequer.
“With this in place, there is no room for revenue diversion as strict surveillance plugs revenue loopholes,” KRA said.
The business added that it is still committed to reducing the deficit on schedule by implementing Revenue Enhancement Initiatives (REI), which include eTIMS rollout for effective and efficient VAT collection and integration of KRA systems with betting companies for improved Excise Tax on Betting collection.
Others include the withholding of taxes from winners, the amicable resolution of tax disputes through Alternative Dispute Resolution (ADR), and expanding the tax base to include more taxpayers.
“KRA remains committed to enhancing mobilisation of government revenue, and to facilitate growth in economic activities and trade by ensuring compliance with tax and customs laws,” KRA said.
