Business
KRA Records 2pc Drop In Tax Collection
The struggling Kenya Revenue Authority (KRA) has recorded a 2pc drop in tax collection in January and February 2020 the latest data from the Treasury indicates.
The taxman collections reduced from Sh219.56 billion to Sh216.06 billion in the first two months of 2020 reflecting the subdued business activity amid fears the Coronavirus (COVID-19) pandemic will take a hard toll on the economy.
The drop further reflects lower revenue collections from businesses struggling with lower sales and workers plagued by stagnant pay in an economy that is now more than ever threatened by recession.
Treasury Secretary Ukur Yatani projects the underperformance in revenue collection to take a massive nosedive in the three months to June as effects of travel and mass gathering as well as the night curfew imposed last week to curb the spread of coronavirus start to weigh on the economy.
“We are looking at underperformance, as a result of just Covid-19, of about Sh70 billion… in terms of revenue for the remaining three months,” Mr. Yatani said.
The Central Bank of Kenya (CBK) which had estimated the economy would expand by 6.2pc now says it expects the economy to expand by 3.4 pc as the virus disrupts supply chains and domestic production.
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