NAIROBI, Kenya, Aug 14 – Kenya Revenue Authority collected Sh1.580 Trillion in revenues in the 2018/2019 financial year, to mark doubled growth over the last seven years when it collected Sh707 billion in the 2011/12 financial year.
According to the taxman, exchequer revenue grew by 11.5 percent with a collection of Sh1, 477 Trillion against Sh1, 340 Trillion collected in FY 2017/18.
History was also made when the domestic taxes collection exceeded Sh1 trillion. Customs revenue also exceeded Sh500 billion.
KRA collected other duties including Agency Fee amounting to Kshs103 Billion. This is revenue collected on behalf of other government agencies mainly at the ports of entry. They include Railway Development Levy, Traffic Fees, Land Rent and Cash in Transit amongst other levies.
“Overall, the 2018/19 performance compares well with the prevailing economic indicators including GDP growth of 6.1 percent, and average inflation rate of 5.2 percent,” the authority says in a statement.
The economic environment had a positive impact of Sh13.866 Trillion on this year’s revenue.
Inflation rate was at 7.20 percent while the dollar exchange rate was at Sh101.16.