Kenya’s Revenues Estimated To Rise By 18 Pc In 2022/23 Fiscal Year – PBO
NAIROBI, Kenya, Nov 15 – Kenya’s revenue collection is estimated to rise by 18 pc in the fiscal year 2022/23, this is according to the Parliamentary Budget Office (PBO) which noted that the revenue collection will stand at Sh 2,405 billion from the projected Sh 2,036 billion in 2021/22.
In the previous fiscal year, the total revenue collected was Kshs. 1.669 trillion compared to Shs. 1.607 trillion collected in FY 2019/20
According to draft 2022 Budget Policy Statement (BPS) estimates released Monday, the budget office noted that the high revenue performance will be ‘underpinned by the ongoing reforms in tax policy and revenue administration.
“In the FY 2022/23 revenue collection including Appropriation-in-Aid (A.i.A) is projected to increase to Ksh 2,405.3 billion (17.2 percent of GDP) up from the projected Ksh 2,036.1 billion (16.3 percent of GDP) in the FY 2021/22. Ordinary revenues will amount to Ksh 2,141.6 billion (15.3 percent of GDP) in FY 2022/23 from the estimated Ksh 1800.0 billion (14.4 percent of GDP) in FY 2021/22,” the statement read.
The Kenya Revenue Authority (KRA) has embarked on a campaign seeking to widen its tax revenue base and has recently announced plans to use technological solutions, including social media monitoring tools to enhance traditional methods.
KRA Deputy Commissioner in charge of Marketing and Communications Grace Wandera said the use of technology is aimed at enhancing compliance efforts, that focus on ensuring taxpayers file returns and pay correct taxes.
Overall, PBO estimated the total expenditure and net lending for the next financial year at Sh. 3.298 trillion, a 23.6 percent decline from the projected Shs 3,154.3 billion in the FY 2021/22 budget.
The expenditures comprise recurrent Shs 2,174.9 billion and development of Shs 712.0 billion.