The Kenya Revenue Authority (KRA) has made history after hitting the 1 billion mark as of November 30th, 2024.
In a press release, the KRA announced it has collected 1.005 Trillion in a record figure never released before in the same period.
This reflects a 4.3 per cent increase in revenue collection.
The last financial year 2023/2024 saw the authority collect 1.009 Trillio n by December 30th meaning the 1.005 is set to surpass the previous figure.
It is a reflection of an upward trajectory and a hopeful outlook towards a balanced budget in the future.
Inspite of the growth, the KRA statement said the economy experienced slow Purchasing Managers Index (PMI) that averaged 48.94 points betwen the months of May and November 2024 indicating contraction in the economic activity of the nation.
“This is also reflective of the modest value in growth of import of goods of 1.0 per cent in the same five months,” read the statement dated 9th December.
Notably, imported goods are a source of raw materials for the production of many final consumer products in the country.
Crucially, customs has continued to collect above the sh 70 billion mark over the past four months.
This amounts to Sh 359.571 billion collected in the past four months indicating a 5.9 per cent growth of a similar period in the 2023/24 financial year.
Domestic taxes totalled 643.79 billion showing a growth of 3.5 per cent.
In the final outlook, KRA projects to collect Sh 2.704 Trillion at the end of the financial year 2024/25.
