Kenya Revenue Authority(KRA) Tax Collection in July reached KSh 121.8 Billion compared to KSh 94.4 billion over a similar period last year.
A statement on revenue and expenditure from National Treasury shows revenue totalled KSh 122.2Billion, comprising of tax revenue of KSh 121.8Billion and non-tax revenue of KSh 348.9Million.
KRA tax receipts came in higher 28.9% year-on-year and in line with the monthly tax collection trend in the first five months of 2021, recording an average KSh 127.9Billion.
KRA new tax measures improves its collections
“We are of the view that the tax measures introduced at the front end of the year, coupled with tightened administrative measures, as tailwinds to elevated tax receipts,” said Churchill Ogutu, Head of Research at Genghis Capital.
Domestic borrowing in the maiden month of the fiscal year was reported at KSh 119.7Billion, partly issuing from the TAP Sale (KSh 37.4Billion) of June primary issues together with the July primary bond issue (KSh 79.9Billion).
Public debt service costs totalled KSh 89.3Billion in July and represented 73.1% of the ordinary revenue collected. This was higher than the 65.9% average in the fiscal year.
The Kenya Government gobbled up KSh 71,202,411,062.80 in July 2021, the first month of the 2021/22 financial year.
According to Treasury financial statements, there were no allocations for development or disbursements to country governments in July 2021.
The level of domestic borrowing reached KSh 119.6 Billion against original estimates of KSh1.008 trillion.
The State used KSh 9.6 Billion on pensions and gratuities and KSh 258.2 Billion on salaries, allowances and other miscellaneous expenses.
Other independent agencies were the National Assembly which received KSh 936.7 Million, Public Service Commission(KSh 143.2 Million) and Teachers Service Commission( KSh 22.2 Billion).
In 2020/21 KRA collected KSh 1.669 trillion compared to KSh 1.607 Trillion in 2019/20 financial year.
ALSO READ: KRA Tax Collections Hit New High of KSh 1.669 Trillion
