RUTO makes history as KRA sets a new record of highest revenue collection ever – See how the trillions it has collected as government says it is broke?

 

Friday, July 14, 2023 – Kenya Revenue Authority (KRA) has set a new record in annual revenue collection after managing to raise Sh2.166 Trillion in the Financial Year 2022/23.

This is the highest revenue collection ever in Kenya’s history considering that it is Sh135 billion more that was collected in the Financial Year 2021/2022.

This represents a 6.7 percent growth in revenue.

“The revenue collection signifies a performance rate of 95.3 per cent against the target despite an economic slowdown occasioned by an unfavourable global fiscal environment,” KRA said in a statement.

KRA said the revenue performance was adversely affected by slowed domestic economic growth and a series of shocks that impacted the economy.

The authority cited prolonged drought and, international conflicts as major contributors to economic setbacks.

KRA said the overall inflation remained above forecast levels averaging 8.78 percent compared to an average of 6.15 percent in the financial year 2021/2022.

This, KRA says, was mainly driven by high fuel, electricity, and food prices.

KRA is also mandated to collect revenue on behalf of other government agencies mainly at the ports of entry.

The authority collected Sh136.390 billion on behalf of the agencies reflecting a growth of 3.7 per cent compared to the last financial year.

This translates to revenue growth of 8.5% and 3.5% respectively compared to the same period in FY 2021/2022.