Thursday, July 25, 2024

KRA’s hits and misses in year of heavy taxation and revenue collection

The Kenya Revenue Authority (KRA) 2023/24 fiscal year outturn numbers have lifted the lid on how the taxman’s hits and misses in a year that was characterized by heavy taxation and revenue collection. According to the numbers, KRA’s collection stood at Sh. 2.407 trillion. This was an 11.11 per cent growth year on year and a 95 per cent performance rate.

Despite heavy taxation and revenue collection efforts, the taxman missed their target by some Sh. 267 billion, having initially aimed to collect Sh. 2.76 trillion before revising this figure to Sh. 2.49 trillion.

Over 950,000 Kenyans face fines after failing to file KRA returns by deadline day

Co-Op post

Ordinary revenue collection closed 2023/24 at Sh. 2.223 trillion, up 9.5% year on year, which represented a 95.8 per cent performance rate. At the same time, KRA reported a 34.93 per cent growth in agency collections to Sh. 184.03 billion in the period under review

Domestic VAT collections crossed the Sh. 300 billion mark to close 2023/24 financial year at Sh. 314.16 billion and registering 102.06 per cent performance rate. Customs collection stood at Sh. 791.368 billion, up 4.9 per cent, which was a performance rate of 94.6 per cent.

Pay As You Earn (PAYE) collections crossed the Sh. 500 billion mark to close the 2023/24 financial year at Sh. 543.186 billion. This represented a 9.7 per cent increase year on year. Corporate Income Tax mobilized Sh. 278.156 billion, up 4.9 per cent year on year which was equal to a performance rate of 93.4 per cent.

NCBA

At the same time, Capital Gains Tax recorded an outperformance of 108.7 per cent in the financial year under review with Sh. 8.381 billion. Domestic Excise collections stood at Sh. 73.624 billion. This was an increase of 8.1 per cent year on year which was equal to a performance rate of 99.6 per cent.

The Tax Amnesty Programme which closed on June 30th brought in Sh. 43.9 billion from 2,617,111 tax payers who took advantage of the program to settle their dues. Debt collection initiatives by the tax man yielded Sh. 103.39 billion while the Alternative Dispute Resolution fetched Sh. 21.9 billion from 1,184 concluded cases.

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