KRA surpasses Ksh2T mark in revenue collection
The Kenya Revenue Authority (KRA) has announced that it collected a total of Ksh2.031 trillion in revenues in the 2021/22 financial year. This is the highest revenue growth in the history of the Kenya Revenue Authority.
The revenue collection has tripled from Ksh707.36 billion in the 2011/12 financial year to Ksh2.031 trillion in the 2021/22 financial year.
"The positive revenue growth rate mirrors the improved tax compliance from patriotic taxpayers who contributed to the collection of revenue," the KRA commissioner-general Githii Mburu said.
KRA revenue streams
Domestic taxes reached a high of Ksh1.297 trillion against a target of Ksh1.267 trillion while customs and border control taxes hit Ksh728.530 billion against the set target of Ksh702.823 billion.
Corporation tax stood at Ksh242.018 billion against a set target of Ksh218.161 billion, a growth of 37.1 percent. Pay As You Earn (PAYE) registered a collection of Ksh461.815 billion against a target of Ksh455.129 billion.
"Corporation tax performance was driven by increased remittance from key sectors like finance, insurance, manufacturing, wholesale and transport while PAYE performance was driven by the gradual recovery of the job market emanating from the economic recovery," added Mburu.
The total revenue collection gave the taxman a surplus of Ksh148.9 billion, the highest surplus in KRA's history.
KRA is mandated to collect revenue on behalf of other government agencies mainly at the ports of entry. These include Road Maintenance Levy, Airport Revenue, Aviation Revenue, and Petroleum Development Fund amongst other levies. During the financial year ending June 30, 2022, KRA collected Ksh131.479 billion on behalf of the agencies reflecting a growth of 5.1 per cent compared to the last financial year.
The exchequer, which is the money collected on behalf of the National Government, grew by 23.0 per cent. This is after KRA collected Ksh1.899 trillion compared to Ksh1.544 trillion collected in the previous financial year. This translates to a performance rate of 103.3 per cent against the target.
