The Kenya Revenue Authority (KRA) has reported 4.5% growth in tax revenues to KSh 1.243 trillion as of December last year from KSh 1.189 trillion collected in same period in the previous financial year.
- GDP growth slowed to 4.0% in third quarter 2024, down from 6.1% in third quarter 2023, and 4.6% in second quarter 2024.
- Low domestic demand was experienced as indicated by the Purchasing Managers Index (PMI) that averaged at 49.2 points in July – December 2024 indicating a contraction in the economic activities.
- This is also indicative from the decline in overall import values of goods by 0.6% in the six months of 2024/25, which is a main source of both raw materials and final consumer goods.
Exchequer revenue-collected on behalf of The National Treasury-collection amounted to Ksh 1.120 trillion while Agency revenue (collected on behalf of other Government entities) amounted to Kshs 122.872 billion, registering a performance rate of 121.3% against a target of Kshs 101.316 billion.
Customs revenue collection amounted to Kshs 429.127 billion, a growth of 4.8% over Kshs 409.548 billion realized in the same period of FY 2023/24, Domestic taxes amounted to Kshs 811.847 billion in July-December 2024, translating to a revenue growth of 4.4% over Kshs 777.617 billion realized in July-December 2023.
The taxman is targeting KSh 2.684 trillion by the end of this financial year.
