William Ruto’s Govt Collects Over KSh 1.5t Tax in 9 Months
In Summery:
- The administration of President William Ruto introduced provisions in the Finance Act 2023 to raise tax income for the 2023–2024 fiscal year.
- In the nine months leading up to March 2024, the government collected approximately KSh 1.5 trillion in taxes, according to the Controller of Budget’s (CoB) quarterly budget review report.
- This amounted to KSh 2.7 trillion, or 57% of the total money received during that time.
To begin with, after the Finance Act 2023 Measures, William Ruto’s government collected almost KSh 1.5 trillion in taxes in just nine months. The first nine months of 2024 saw higher tax collections for the Kenya Revenue Authority (KRA).
The government collected KSh 1.54 trillion in tax income for the fiscal year 2023–2024, according to the Controller of Budget’s (CoB) quarterly budget review report.
How much revenue has Ruto’s govt collected?
This accounted for 57% of the total amount of money received over the time period.
KSh 2.7 trillion was gathered by the administration of President William Ruto for the consolidated fund.
“This represented 63.2% of the revised annual target (KSh 4.3 trillion), compared to KSh 2.09 trillion (57.9% of the revised annual target) recorded in a similar period of FY 2022/23,” read the report in part.”
According to the study, tax income increased by 62% of the KSh 2.50 trillion objective, as opposed to 66% (KSh 1.39 trillion) during the same time the previous year.
How Ruto’s Tax revenue was raised and collected
The Controller of Budget Margaret Nyakang’o ascribed the 10% increase in tax income to a number of causes, such as the Finance Act of 2023’s execution and the realization of tax administration plans.
The 1.5% Affordable Housing Levy is one of the new tax measures that Ruto’s administration included in the Finance Act 2023.
As of April 2024, the government had received KSh 34 billion from the program.
Where else did Ruto’s govt raise revenue?
The CoB report also revealed that domestic borrowing accounted for 22% (KSh 603.82 billion), external loans and grants for 19% (KSh 506.92 billion), and non-tax revenue for 2% (KSh 52.01 billion).
Additionally, domestic borrowing has increased by Kshs.207.50 billion (52%), and external loans and grants have risen by KSh 271.44 billion (115%),” read the report in part.“During the first nine months of FY 2023/24, receipts into the consolidated fund increased significantly by 29%, amounting to KSh 611.95 billion, compared to a similar period in FY 2022/23.
KRA’s Tax Targets
Last but not least, for the current fiscal year, Ruto assigned KRA the job of collecting KSh 2.62 trillion in tax revenue.
This came after the government announced its intention to use a number of suggested comprehensive tax measures to raise KSh 2.95 trillion in taxes during the fiscal year 2024–2025.
Finally, for the first half of the 2023–2024 fiscal year, KRA missed its goal by KSh 186.2 billion, with income taxes accounting for the majority of this loss.
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William Ruto’s Govt Collects Over KSh 1.5t Tax in 9 Months
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