The Kenya Revenue Authority (KRA) has reportedly collected a total of 476.646 Billion Kenyan Shillings between July and September of the 2021 to 2022 financial year. This has surpassed its revenue target of 461.7 Billion Kenyan Shillings by 14.992 Billion Kenyan Shillings.
The sustained revenue growth, is a reflection of a 30 percent growth and a performance rate of 103.2 percent.
Read Also: Overstayed Cargoes At Mombasa Port Set To Be Auctioned By KRA
Although there has been a slow growth in the economy the Kenya Revenue Authority (KRA) was able to surpass the revenue target it set for July of 2021, with a surplus of 311 Million Kenyan Shillings after 152.854 Billion Kenyan Shillings was collected in revenue against a target of 152.543 Billion Kenyan Shillings. This development shows a performance rate of 100.2 percent.
In August of 2021, the Kenya Revenue Authority (KRA) collected a total of 138.906 Billion Kenyan Shillings. This signified a performance rate of 103.6 percent and a growth rate of 29.5 percent above the target it had set. It in the process, recorded a surplus of 4.816 Billion Kenyan Shillings.
Read Also: KRA Halted From Implementing New Taxes On Beer and Fuel
By September of 2021, the Kenya Revenue Authority(KRA) had surpassed the set target of 175.02 Billion Kenyan Shillings, by as much as 9.886 Billion Kenyan Shillings after a total of 184.886 Billion Kenyan Shillings was collected showing a growth rate of 28.6 percent and a performance rate of 105.6 percent.
According to the Kenya Revenue Authority (KRA) the impressive revenue performance that was achieved in the First quarter of the 2021 to 2022 financial year, is as a result of an improvement in the macro or larger economic environment, as well as the easing of preventive measures for the Coronavirus pandemic. Improved compliance efforts by the Kenya Revenue Authority (KRA) also played a role.
Read Also: KRA Set To Limit Filing Nil Tax Returns
It is expected that the Gross Domestic Product (GDP) of Kenya, will grow by 6.3 percent in the 2021 to 2022 financial year, compared to the contraction of 0.3 percent in 2020.
How informative was this article? Are there any other news topics, categories, or How To topics, that you would like us to write on? Feel free to reach out to Mpesa Pay in the comment section.
