By GEORGE NGIGI
Kenya Revenue Authority (KRA) collected Sh77.2
billion in April, exceeding average monthly tax realised in the first 10
months of the year by Sh22.2 billion.
Tax experts attributed the increase to final instalment tax payments by companies.
Data released by the Treasury showed that total
revenues collected by the taxman have risen to Sh588 billion in the ten
months since beginning of the financial year. In the 10 months, tax
revenues have averaged Sh55 billion.
“April is a key month because all companies which
close their books have to make final their final payments; that will
include all banks and insurance companies,” said Nikhil Hira, a tax
partner at Deloitte and Touche.
Treasury has given KRA a target of Sh817 billion
for the full year, but owing to economic slowdown, the taxman is
expected to raise an estimated Sh723 billion.
Mr Hira said tax performance in the month of May
was not expected to be as impressive but it could pick in June when most
companies are expected to pay the second instalment of their estimated
tax liability.
CBK data shows that the corporate tax liability of the banking industry rose by Sh10 billion last year to Sh35.6 billion
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