Kenya Revenue Authority (KRA) has hit the Sh1 trillion mark as of December 8, 2023,
The taxman has announced an upward trajectory in revenue collection, after recording a 15.8 per cent growth in November.
acting Commissioner of Strategy, Innovation and Risk Management Alex Mwangi, In a statement said KRA collected Sh180.714 billion up from Sh 156.095 billion in November 2022.
“Revenue collection has progressively increased in the last five months (July –November 2023/24) after KRA collected Sh963.746 billion compared to Sh856.646 billion collected in the same period last financial year, representing a growth of 12.5 per cent,” KRA said.
KRA said it targets to collect Sh2.787 trillion by the end of the Financial Year 2023-24.
The authority expressed confidence that it will continue with the upward trajectory and achieve the set target to enable the government to sustain the country’s economy.
KRA however, noted that despite the growth, the collection was affected by the performance of key economic indicators that directly drive revenue collection.
“These key indicators that significantly impact on revenue performance have generally moved contrary to expectations, with adverse impact on revenue mobilization,” the statement read in part.
KRA cited the significant depreciation of the Kenya shilling against the US dollar by 24.7 per cent in November 2023 and 22.0 per cent in July – November 2023.