KRA targets KES 973.5 billion revenue collection in 2013/14
14 January 2014, 21:10
Nairobi - Kenya Revenue Authority (KRA) Commissioner General, John Njiraini said KES 973.5 billion in revenue is to be collected in the Financial Year(FY) 2013/14, of which KES 912.3 representing 93.7% will be Exchequer Revenue and the KES 61.2 billion balance representing 6.3% will be from various Agency Revenue collections.
Njiraini noted that the Agency Revenue collection includes KES 13.5 billion of the newly introduced Railway Development Levy.
"The target of KES 973.5 billion represents a growth of 21.6% over revenue collection in FY 2012/13 which is KES 800.5 billion. The Exchequer target represents a growth of 20.1% given that the Exchequer collection was KES 759.5 billion 2012/13," said Njiraini.
He stated that the revenue target for 2013/14 is predicted on fairly ambitious macro-economic framework in the KRA's 2013 Budget Policy Statement.
Njarini said the Authority is expected to collect KES 70.2 billion in January then KES 208.4 billion during the third quarter of 2013/14 FY which requires growth rates of 16.8% and 23.1% over the Exchequer collections in same periods last year.
"The factors likely to impact collection include deepening of VAT Act, 2013 in domestic front, intervention to address tax evasion challenges in respect to previously zero rated goods and enhanced market surveillance activities to counter evasion for consumption-based taxes," he explained.
He added that with continued stabilization in the macroeconomic environment, KRA expects robust performance in the third quarter that will sustain the momentum achieved in the first-half.
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