Kenyan Treasury Reduces Annual Revenue Target by 5%

Kenyan Treasury Reduces Annual Revenue Target by 5%

The Ministry of Treasury has reduced the country’s revenue target for this fiscal year by 5 per cent to Ksh1.61 trillion. This is the second year in a row the country is revising its tax goal downward.

Through a Gazette notice, Cabinet Secretary for National Treasury Henry Rotich said that the Kenya Revenue Authority initially sought to raise Ksh1.69 trillion in the 2018/2019 fiscal year.

KRA collected Ksh1.37 trillion in the 2017/2018 period, Ksh45 billion shy of its Ksh1.415 trillion target.

Tax income rose 9.2 percent to Ksh555.7 billion in the five months through November, according to the notice.