Employees pay Sh543b to taxman in FY 2023/24, data shows
By Print Reporter, July 9, 2024Kenyan employees paid Kenya Revenue Authority (KRA) Sh543 billion as revenue for the financial year 2023/2024 grew by 11.1 per cent up from 6.4 per cent in the previous financial year. This is after the taxman increased collection of Pay As You Earn (P.A.YE) which registered a growth of 9.7 per cent after collecting 543.186 billion.
The performance was mainly driven by remittances from private firms and the public sector, which grew by 13.4 per cent and 3.7 per cent respectively.
Economic shocks
KRA collected managed to collect Sh2.407 trillion compared to Sh2.166 trillion in the previous financial year which translates to a performance rate of 95.5 per cent against the target for the period.
Multiple economic shocks that included depreciation of the shilling against the US Dollar, rising bank lending rates and international conflicts that disrupted supply chains characterised the year under review.
The Exchequer revenue grew by 9.5 per cent after KRA collected Sh2.223 trillion compared to Sh2.030 trillion collected in the previous financial year. This translates to a performance rate of 95.8 per cent.
Kenya Revenue Authority collects revenue on behalf of other government agencies, mainly at the ports of entry. These include Road Maintenance Levy, Air Passenger Service Charge, Aviation Revenue, Petroleum Development Fund, Petroleum Regulatory Levy, and Housing Levy, amongst others.
Financial year
During the financial year ending June 30, 2024, KRA collected agency revenues amounting to Sh184.036 billion, reflecting a growth of 34.9 per cent compared to the last financial year.