July tax receipts rise to Ksh.130.6 billion

Tax receipts in July have climbed by 7.2 per cent to Ksh.130.6 billion from a lower Ksh.121.8 billion a year earlier, according to new Treasury data.

The data from the exchequer statement of actual revenues and net exchequer issues as at July 29 shows a continuation in the momentum of collections by the Kenya Revenue Authority (KRA) into the new financial year.

Collections by the taxman have seen a recent lift from the restoration of economic activities following the lifting of COVID-19 related restrictions on the back end of last year.

Similarly, KRA has increased its operational efficiencies resulting in enhanced tax nettings including the automation of most tax payment and filing processes.

KRA is expected to collect Ksh.2.072 trillion in tax revenues in the current fiscal year to the end of June 2023 having netted a record Ksh.1.918 trillion in tax revenue receipts in the year ended June 2022.

To hit the target, the taxman will require to meet an ambitious monthly run-rate of Ksh.176.5 billion on average in tax revenue receipts.

Besides the tax receipts, KRA collected Ksh.1.9 billion in non-tax revenues which covers streams such as fines and other fees levied in the process of tax collection.