KRA revenue collection surpasses set target to KShs150 Bn

The Kenya Revenue Authority (KRA) has for the first time hit a revenue collection mark of KSh2 trillion, surpassing the set target for 2021/22 by close to KSh150 billion.

The Authority collected KSh2.03 trillion during the financial year under review, against an original target of KSh1.88 trillion, and two revised targets of KSh1.91 trillion and kSh1.97 trillion respectively.

This is a 22.3% improvement in revenue collection compared to the previous financial year when it collected a total of KSh1.66 trillion.

During the financial year under review, Domestic Taxes collected KSh1.297 trillion against a target of KSh1.267 trillion. This translates to a performance rate of 102.4% with a surplus collection of KSh30.445 billion.

Pay As You Earn (P.A.YE) registered a collection of KSh461.815 billion against a target of KSh455.129 billion.

Value Added Tax (VAT) collections amounted to KSh244.7 billion, reflecting a growth of 24%.

The Voluntary Tax Disclosure Program (VTDP) contributed to increased revenue collection. Under the programme, kSh8.546 billion in taxes was collected from 17,038 applications in the fiscal year. A total of KSh9.562 billion was applied for disclosure and waivers.

This is the first time KRA is surpassing its set target in 14 years even after an upward revision of its initial target adjusted.