Kenya Revenue Authority raked in a massive 2.57 trillion shillings during the past financial year despite major economic turmoil. The tax collectors smashed their target of 2.555 trillion shillings with a 6.8 percent growth rate. Government protests forced officials to dump the Finance Bill 2024 after angry citizens took to the streets. Customs revenue performed brilliantly at 105.9 percent while domestic taxes struggled to meet expectations. The taxman still managed to beat last year's collection of 2.41 trillion shillings.
Gamblers handed tax officials a surprise bonus when betting taxes soared past targets by nearly 2 billion shillings. Pay As You Earn taxes crawled forward at just 3.3 percent growth as companies stopped hiring workers. Corporation taxes flowed mainly from technology companies, manufacturers and banks while beer and tobacco makers paid less money. Import values barely grew as fuel and food purchases dropped sharply across the country. Export earnings also fell with tea and flower sales performing poorly.
Kenya Revenue Authority plans to collect 2.75 trillion shillings next year to fund the government's 4.3 trillion shilling budget. Officials are rolling out new digital systems to catch tax dodgers and make payments easier for businesses. The Electronic Tax Invoice Management System has already reduced VAT fraud and boosted compliance rates. Revenue collectors faced tough challenges including high interest rates, global trade wars and political unrest. The second half of the year brought much better results with 9.1 percent growth compared to 4.5 percent earlier.
Gamblers handed tax officials a surprise bonus when betting taxes soared past targets by nearly 2 billion shillings. Pay As You Earn taxes crawled forward at just 3.3 percent growth as companies stopped hiring workers. Corporation taxes flowed mainly from technology companies, manufacturers and banks while beer and tobacco makers paid less money. Import values barely grew as fuel and food purchases dropped sharply across the country. Export earnings also fell with tea and flower sales performing poorly.
Kenya Revenue Authority plans to collect 2.75 trillion shillings next year to fund the government's 4.3 trillion shilling budget. Officials are rolling out new digital systems to catch tax dodgers and make payments easier for businesses. The Electronic Tax Invoice Management System has already reduced VAT fraud and boosted compliance rates. Revenue collectors faced tough challenges including high interest rates, global trade wars and political unrest. The second half of the year brought much better results with 9.1 percent growth compared to 4.5 percent earlier.
