Login

Lost your password?

Sign Up

Register

Login

Login

Lost your password?

Register

Thursday, May 19, 2022
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion

Africa's
Investment
Gateway

The Exchange
  • Login
  • Register
Subscribe
This Month's Edition
Previous Editions
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion
No Result
View All Result
The Exchange
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion
No Result
View All Result
The Exchange
LOGIN
www.theexchange.africa

the equipment will enhance operations of the authority’s Customs and Border Control Department/ COURTESY

KRA Surpasses First Quarter Revenue Target to Collect KSh 476.6b

The Financial Year 2021-2022 quarter one (July – September 2021) revenue target was KSh 461.653 billion

by Wanjiku Njugunah
October 4, 2021
in Business, Kenya
0
Share on FacebookShare on LinkedIn
  • KRA started the new financial year on an upward trajectory, after surpassing its July 2021 target
  • Pay As You Earn (PAYE) registered a performance rate of 104.2%
  • Expects the Gross Domestic Product to grow by 6.3% in FY 2021/22 

The Kenya Revenue Authority (KRA) said it had collected KSh 476.646 billion, surpassing the Financial Year 2021-2022, Quarter One (July – September 2021) revenue target of KSh 461.653 billion by KSh 14.992 billion.

In a statement, the Authority said the performance reflected a sustained revenue growth in the first three months of the year, with a performance rate of 103.2% and growth of 30%.

Despite the slow economic growth, KRA said it commenced the new financial year on an upward trajectory, after surpassing its July 2021 revenue target with a surplus of KSh 311 million, after a revenue collection of KSh 152.854 billion against a set target of KSh 152.543 billion, reflecting a performance rate of 100.2%.

KRA maintained the upward trend in August 2021, collecting KSh 138.906 billion, a performance rate and growth of 103.6% and 29.5% respectively, above the set target and recording a surplus of KSh 4.816 billion.

The Authority further surpassed the September 2021 target of KSh 175.02 billion by KSh 9.886 billion, after a collection of KSh 184.886 billion, thereby registering a performance rate of 105.6% and a growth of 28.6%.

“The good revenue performance is a reflection of improving macro-economic environment, relaxation of Covid-19 containment measures, and sustained implementation of enhanced compliance efforts by the Authority,” the Authority said.

KRA said it expects the Gross Domestic Product to grow by 6.3% in FY 2021/22 as per 2021 Budget Policy Statement, compared to a contraction of 0.3% in 2020.

Safaricom posts 23.9bn half year profit

First Quarter 

During the first quarter of the Financial Year, Customs & Border Control (C&BC) collected KSh 173.241 billion against a target of KSh 161.844 billion, reflecting a revenue surplus of KSh 11.397 billion.

www.theexchange.africa
The Authority said the performance reflected a sustained revenue growth in the first three months of the year, with a performance rate of 103.2% and growth of 30%.

The Customs & Border Control recorded a growth of 25.4% in the period under review. KRA attributes Customs & Border Control performance to 31.8% growth in non-oil taxes and 15% growth in petroleum taxes.

Non-oil taxes registered a collection of KSh 112.438 billion against a target of KSh 105.002 billion with a surplus of KSh 7.436 billion, while petroleum taxes amounted to KSh 60.803 billion against a target of KSh 56.842 billion posting a surplus of KSh. 3.961 billion.

Domestic Taxes performance also improved, with a 32.9% growth compared to a similar period last year. The Domestic revenue collection stood at KSh 302.145 billion against a target of KSh 298.626 billion, translating to a surplus of KSh 3.519 billion and a performance rate of 101.2%.

Pay As You Earn (PAYE) registered a performance rate of 104.2% in the first quarter after a collection of KSh 107.787 billion, against a target of KSh 103.369 billion resulting to a surplus of KSh 4.391 billion.

“The performance was mainly driven by gradual growth in employment which is a clear sign of economic recovery,” the Authority said.

The Value Added Tax (VAT) collections amounted to KSh 60.188 billion against a target of KSh 59.173 billion, resulting to a surplus of KSh 1.015 billion and recording a growth of 44.5%, attributable to enhanced compliance efforts by the Authority and economic recovery.

Corporation tax collection stood at KSh 54.330 billion, which is a growth of 21.9% over the first quarter compared to 3.7% achieved in the past financial year (FY 2020/21).

The Authority said the performance was driven by increased remittance from Energy, Agriculture, Manufacturing and Transport sectors that grew by 122%, 103.9%, 83.7% and 107.4% respectively.

Withholding Tax totalled KSh 36.053 billion, representing a growth of 11.9% over the first quarter of 2020/21, which was an increase from a growth of 3.8% achieved in the last financial year. This further signals economic recovery from the adverse impact of Covid-19 pandemic.

Domestic Excise amounted to KSh 15.392 billion, and a growth of 20.7%, over the first quarter last year, compared to a growth of 12% recorded in the last financial year.

The Authority said the performance turnaround is attributed to reopening of the economy and enhanced compliance efforts by the Authority. The country is on an economic recovery path with the economy projected to grow by 6.3% in FY 2021/22, hence a positive impact on revenue performance.

Kenya Airways cuts losses in half

Tags: FeaturedKenyaKenya Revenue Authority (KRA)

STATE OF ECONOMY - GET THE REPORT

ASSESSING EAST AFRICA

Loading...

Wanjiku Njugunah

Wanjiku Njuguna is a Kenyan-based business reporter with experience of more than eight years.

Related Posts

Congo joins the EAC (www.theexchange.africa)
Business

What does it mean for regional trade, investment after DRC became EAC’s 7th Member State?

May 18, 2022
Growth in employment earmarks Kenya's post-pandemic economic recovery. www.theexchange.africa
Countries

Growth in employment earmarks Kenya’s post-pandemic economic recovery

May 11, 2022
www.theexchange.africa
Business

Technology: Liquid Intelligent acquires Israeli tech firm to expand its digital solutions offering

May 9, 2022
Next Post
www.theexchange.africa

Failed rain seasons pushing millions of Kenyans to drought

Nigeria’s fintech unicorns are leading the way in Africa. Nigeria has four of the leading fintech unicorns on the continent. www.theexchange.africa

The Fintech Unicorns of Nigeria

www.theexchange.africa

Inflation cuts short improving business conditions in Kenya

Please login to join discussion




This months edition

May Edition

Features

EdTech role in African development
Tech & Business

EdTech’s role in African development

by Kanyali Muthui
May 16, 2022
0

Due to the pandemic, the topic of innovation in education has never been more crucial.  While most developed countries moved...

Read more
investment in African science and technology
Tech & Business

Investing in Africa’s science and technology: Where are we now?

by Kanyali Muthui
May 16, 2022
0

The continent’s digital revolution can largely be driven by building the necessary skills for the short- and long-term future, and...

Read more
Fintech revolution in Africa
Tech & Business

The Fintech Revolution in Africa’s FX Markets

by Kanyali Muthui
May 11, 2022
0

With over 548 million registered mobile money users in sub-Saharan Africa, increased internet access and readily available mobile money solutions,...

Read more
www.theexchange.africa
Countries

US – Nigeria Trade Relations: An Overview

by Wanjiku Njugunah
May 2, 2022
0

Nigeria is currently the United States' 54th largest goods trading partner, with US$7.8 billion in total goods trade as of...

Read more
A previous conference for African Insurtech sector. The Insurtech boom is deepening insurance uptake in Africa. www.theexchange.africa
Tech & Business

Insurtech boom deepening the uptake of insurance in Africa

by june njoroge
May 2, 2022
0

Kenya-based Pula is another distinguished insurtech making waves in the continent. It provides small scale farmers with agricultural insurance and...

Read more

News

Banking
Industry & Trade
Investing
Money Deals
Regional Markets
Tech & Biz
Opinion

Countries

Kenya
Tanzania
Uganda
Burundi
Rwanda
Southern Africa
Ethiopia

More

My Account
Contact us
Advertise
About us
Help Center

Subscribers Center

E-paper
Premium Stories
Education Rates
Corporate Subscriptions
Weekely Newsletter

  • My account
  • About us
  • Advertise
  • Contact
  • Privacy Policy
  • Refund Policy – The Exchange
  • Sitemap

No Result
View All Result
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion
  • Login
  • Sign Up
  • Cart

© 2021 The Exchange - Powered by MediapixManaged by Supported by Digihandler,

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In