KRA

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KRA to onboard informal sector players into the tax net

The Kenya Revenue Authority (KRA) is developing policies and measures to bring thousands of small-scale businesses and players in the informal sector into the country’s tax system. The informal sector, mainly comprising SMEs, employs approximately 15 million people in Kenya, representing 83 percent of the country’s total labour force. KRA views this segment as having significant potential and aims to promote tax compliance within it. During the 2023 Annual Tax Summit, KRA’s Commissioner-General, Mr Humphrey Wattanga, stated, “One of the initiatives under KRA’s tax base expansion programme is netting the informal sector into the tax bracket, the majority of whom are the MSMEs. This, therefore,

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EconomyNews

Hospitality sector powers JKIA customs to hit Sh50 billion in collections

The Kenya Revenue Authority’s Customs and Border Control Department has registered a revenue collection growth of 10.12 percent to Kes49 billion at the Jomo Kenyatta International Airport (JKIA) in the financial year 2022/2023. In the year under focus, the department has a target of Kes46.991 billion. The revenue collection represents a 104 percent performance rate against the financial year 2022/2023 revenue target. Cargo handled at JKIA, the region’s busiest airport significantly increased following the reopening of the economy after the Covid-19 pandemic. Rebound in business saw the taxman collect Kes5.39 billion against a target of Kes4.81 billion from air navigation service charge, which is levied…

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EconomyNews

Mystery of fourfold rise in uncollected Sh1.6 trillion taxes

The Kenya Revenue Authority (KRA) has failed to collect Kes1.601 trillion as at June 2021, a fourfold jump in outstanding debt from Kes415 billion three years’ prior at a time Kenya, East Africa’s giant economy, is struggling to raise revenues from new tax measures. The taxman was at a loss explaining to the National Assembly Public Investments Committee on Commercial Affairs chaired by David Pkosing (MP., Pokot South) which sought answers after audit queries revealed KRA failed to collect taxes on several corporates even after it raised tax claims, conducted audits and issued agency notices. The taxman said it was in the process of validating…

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NewsTechnology

Electronic tax stamps printer out to set record straight

SICPA the supplier of the Excisable Goods Management System (EGMS) has come out to defend itself against allegations of corruption in other jurisdictions, high cost of stamps and the technical details of its operations in the country over the last ten years. The securities printer which won a contract a Kes17 billion contract to install the system estimated to collect billions of shillings, has been accused by opposition MP Opiyo Wandayi for making Kes64 billion based on collections minus the cost of stamps. In a statement to the press, SICPA denied that it made Kes64 billion profit in five years but said only KRA are…

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