The Kenya Revenue Authority (KRA) has announced that it collected Sh. 155.06 billion in the month of July.
This represented an increase of 18.73 per cent from the revenue that was collected in the same month in 2022. In July 2022, KRA had collected Sh. 130.6 billion.
The taxes collect in the month of August are expected to be even higher as they will include taxes deducted under the newly implemented housing tax fund.
The July 2023 collections have surpassed monthly collections in six of the 12 months in the financial year 2022/23.
How your payslip will look like after housing tax is deducted from gross salary
However, they are a 29.7 per cent drop from the record Sh. 220.6 billion that was collected in June.
In its current financial year, the Kenya Revenue Authority is attempting to collect a record Sh. 2.49 trillion.
To achieve this, the government of President William Ruto is planning to introduce additional taxes. These taxes have been revealed by disclosures made by the National Treasury cabinet secretary Professor Njuguna Ndung’u to the International Monetary Fund (IMF).
The taxes include the motor vehicle circulation tax that will entail the payment of an annual registration fee for motor vehicle owners to use public roads.
“To ensure that program performance objectives are met, any tax revenue shortfall relative to program targets will be compensated for by taking additional tax policy measures,” Professor Ndung’u disclosed.
