The Kenya Revenue Authority (KRA) has announced impressive revenue collection figures, revealing that it collected a total of Sh1.554 trillion as of the end of March 2023.
In a statement, the authority highlighted that revenue collection was averaged at 95.1 per cent of the original target and 93.4 per cent of the supplementary target.
This signifies an 8 per cent increase in revenue collection compared to the previous financial year, showcasing the KRA’s commitment to enhancing government revenue mobilization.
The authority attributed this success to its investment in modern technology, which has improved the efficiency of its revenue collection and settlement system from source to the Exchequer.
The KRA emphasized that its use of modern technology has also helped to plug revenue loopholes and prevent revenue diversion, thanks to strict surveillance measures.
The authority further stated that it remains dedicated to bridging the deficit on the target by implementing Revenue Enhancement Initiatives (REI). These initiatives include the rollout of the electronic Tax Invoice Management System (eTIMS) for efficient and effective collection of Value Added Tax (VAT), integration of KRA systems with betting companies to improve collection of Excise Tax on betting, and withholding tax on winnings.
Additionally, the KRA aims to resolve tax disputes through Alternative Dispute Resolution (ADR) in an amicable manner and expand the tax base to include more taxpayers.
The authority sees these initiatives as crucial in facilitating economic growth and trade by ensuring compliance with tax and customs laws.
