The Kenya Revenue Authority (KRA) has for the first time in Kenyan history surpassed the Sh2 trillion mark in the annual revenue collection.
In a press statement on Thursday, KRA stated that despite the difficult economic environment brought by Covid 19, it recorded a monumental revenue collection of Sh2.031 trillion in the 2021/2022 financial year.
KRA collected Sh1.669 trillion in the financial year 2020/21 and it was aiming to collect Sh1.882 trillion in the 2021/22 financial year in its original target.
“The Authority registered an above-target stellar revenue performance after exceeding the fiscal year target as stated in the Budget Policy Statement. KRA surpassed the original target of Sh1.882 trillion and two other upward revenue target revisions of Sh1.9111 trillion, which was later revised to Sh1.976 trillion. This is the first time the Authority has surpassed its original target in 14 years (since financial year 2007/08) after the previous target revisions were adjusted downwards,” KRA stated.
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The taxman attributed the revenue growth to improved tax compliance from patriotic taxpayers who contributed to a surplus of Sh148.9 billion, the highest surplus ever in KRA history.
The 2021/22 revenue collection signified a performance rate of 102.8 per cent against the revised target and a revenue growth of 21.7 percent compared to the 2020/21 financial year.
KRA boss James Mburu thanked all compliant taxpayers for honouring their tax obligations through filing and paying their fair share of taxes.
“KRA endeavors to make paying taxes experience better for all its customers and reiterates its commitment to integrity and professionalism in serving taxpayers. We are optimistic that we will record an even better performance in the new financial year,” Mburu stated.
