KRA Collects Ksh 636 Billion As Of October 2022


KRA Collects Ksh 636 Billion As Of October 2022

By Soko Directory Team / Published November 21, 2022 | 9:05 am

KEY POINTS

Cumulatively, tax revenues amounted to 607.9 billion shillings, equivalent to 29.3 percent of the original estimates of 2,071.9 billion shillings and 88.0 percent of the prorated estimates of 690.6 billion shillings.

KEY TAKEAWAYS

Consolidated Fund Services (CFS) Exchequer issues came in at 359.9 billion shillings, equivalent to 22.9 percent of the original estimates of 1,571.8 billion shillings, and are 68.7 percent of the prorated amount of 523.9 billion shillings.

Total revenue collected as of the end of October 2022 by Kenya Revenue Authority amounted to 636.4 billion shillings equivalent to 29.7 percent of the original estimates of 2,141.6 billion shillings for FY’2022/2023 and is 89.2 billion shillings percent of 3 prorated9.

“We note that the government has not been able to meet its prorated revenue targets four months into the FY’2022/2023 partly attributable to the subdued business environment as seen by the decline in the PMI index for October 2022 to 50.2, from 51.7 recorded In September 2022, driven by the elevated inflationary pressures that have seen consumers continue to cut on spending,” said Cytonn in their latest report.

Cumulatively, tax revenues amounted to 607.9 billion shillings, equivalent to 29.3 percent of the original estimates of 2,071.9 billion shillings and 88.0 percent of the prorated estimates of 690.6 billion shillings.

Total financing amounted to 247.4 billion shillings equivalent to 17.6 percent of the original estimates of 1,403.0 billion shillings and is equivalent to 52.9 percent of the prorated estimates of 467.7 billion shillings.

Additionally, domestic borrowing amounted to 124.7 billion shillings equivalent to 12.0 percent of the original estimates of 1,040.5 billion shillings and 36.0 percent of the prorated estimates of 346.8 billion shillings.

The total expenditure amounted to 881.5 billion shillings, equivalent to 24.9 percent of the original estimates of 3,544.6 billion shillings, and 74.6 percent of the prorated target expenditure estimates of 1,181.5 billion shillings.

Additionally, the net disbursements to recurrent expenses came in at 358.6 billion shillings, equivalent to 30.4 percent of the original estimates of 1,178.4 billion shillings and 91.3 percent of the prorated estimates of 392.8 billion shillings.

Consolidated Fund Services (CFS) Exchequer issues came in at 359.9 billion shillings, equivalent to 22.9 percent of the original estimates of 1,571.8 billion shillings, and are 68.7 percent of the prorated amount of 523.9 billion shillings.

The cumulative public debt servicing cost amounted to 331.5 billion shillings which are 23.8 percent of the original estimates of 1,393.1 billion shillings, and 71.4 percent of the prorated estimates of 464.4 billion shillings.

Additionally, the 331.5 billion shillings debt servicing cost is equivalent to 52.1 percent of the actual revenues collected as of the end of October 2022, further emphasizing how much public debt weighs on the country’s expenditure.

Related Content: KRA Surpasses Monthly Collection Target For September

About Soko Directory Team

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system. Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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