Economy
KRA Fail To Meet Half Year Revenue Collection Target By Sh186B
The Kenya Revenue Authority (KRA) collected a total of Ksh 1.27 trillion in the first half of the financial year 2023/24 ended December 2023.
New data from the National Treasury indicates that shows the half year collection was below target by Ksh 182.4 billion mainly on account of a shortfall in ordinary revenues of Ksh 186.2 billion.
Despite the missed target, year-on-year revenue collection rose 10.7pc when compared to the same period in 2022.
Treasury says shortfalls in revenue performance and liquidity constraints have hurt execution of various government programmes in the current year.
“Expenditures were below target by Ksh 360.9 billion on account of below target disbursements towards both recurrent expenditure and development expenditures,” said Treasury.
Overall fiscal deficit including grants amounted to of Ksh 182.4 billion equivalent to 1.1pc of GDP against a target of Ksh 363.7 billon equivalent to 2.3pc of GDP.
In January alone, exchequer revenue in January grew to Ksh 170.3 billion though this was below target of Ksh 198.2 billion.
“In the month of January, revenues recorded a growth of 11.3pc with custom taxes recording a growth of 15.8pc and domestic taxes 13.5pc.”
Of the Ksh 360 billion treasury received from domestic and external sources for budgetary support, resources from the International Monetary Fund (IMF) amounted to Ksh 92 billion while those from the Trade Development Bank (TDB) amounted to Ksh 59.3 billion.
Treasury processes debt repayments amounting to Ksh 163.5 billion of which Ksh 69.3 billion was domestic debt and Ksh 94.2 billion being external debt.
Transfers to education programmes amounted to Ksh 49 with basic education receiving Ksh 31.3 billion and higher education Ksh 17.7 billion.
In January, county governments received disbursements amounting to Ksh 31.8 billion as outstanding exchequer requests topped Ksh 294.1 billion.
In the FY2024/2025 which commences in July, treasury projects total expenditure to amount to Ksh 4.18 trillion. This will be financed by total revenues which are projected to reach Ksh 3.4 billion and ministerial appropriation-in aid amounting to Ksh 486.9 billion.
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