Browsing: Revenue collection

• Efficient public spending in Kenya has been elusive over the year with the East African country forced to borrow to meet its budget
• Further the firm is recommending more performance based incentives for industries by the government to enable grow the jobs offering.
• PwC adds that Proposed allocation of Sh4.5 billion for County Aggregation and Industrial Parks (CAIPs) will help to reduce post-harvest losses.

Experts are warning Kenyans to brace for a tough 2024-25 financial year as the government moves to ramp up revenue measures to finance the recently released budget.

A post budget analysis by Audit firm Deloitte has revealed that the new year will be a hard one for Kenyans and will require fiscal discipline to navigate.

Doris Gichuru, partner for tax and legal at Deloitte says that Given the Finance Bill 2024 there is going to be a challenge in private consumption from the various measures though …

• There is a debt crisis in Africa as countries struggle to repay international loans. 
• According to the World Bank, nine African countries entered 2024 in debt distress, with another 15 at high risk of distress and 14 more categorised as moderate risk.
• According to the United Nations, Africa’s public debt will stay above pre-pandemic levels in 2024 and 2025.

At 4 per cent, Africa is projected to be the second fastest-growing economic region in the world in 2024,  according to a report by the International Monetary Fund (IMF). However, behind the headline figure is a less optimistic reality.

Many African countries have suffered from slow post-COVID-19 recovery, climate change shocks, worsening food security situation, political instability, weak global growth, and high-interest rates. These economic shocks have pushed over 55 million people into poverty since 2020. The situation is increasingly alarming as more than half of the continent’s countries are in …

• The South African Revenue Service (SARS) has exceeded the 2022 revenue collection by R123 billion after collecting a net revenue of R1.687 trillion in the financial year that ended in March 2023.
• Gross tax revenue collected exceeded R2 trillion for the first time after gross revenue rose to R 2.068 trillion over the same period.
• The gross revenue collected excludes the refunds of R381.1billion, an 18.7 per cent growth or an increase of R60 billion from 2022.

The South African Revenue Service (SARS) has reported an impressive growth of 7.9 per cent in net revenue for the 2022/2023 financial year. The net revenue collected by SARS represents year-on-year an increase of 7.9 per cent over the net 2022 amount of R1563.8 billion ($872 billion).

SARS collected a record gross amount of R2067.8 billion. The net collection after payment of R381.1 billion in refunds is R1686.7 billion. This is the …