Kenya: KRA Surpasses Revenue Targets in Oct for First Time Since 2021

7 November 2024
Capital FM (Nairobi)
By Correspondent

Nairobi — The Kenya Revenue Authority (KRA) exceeded its monthly revenue targets in October, marking the first time since December 2021.

KRA's overall revenue collection surpassed targets by Ksh6.8 billion, achieving a performance rate of 103.3 percent.

Exchequer revenue alone outperformed its target by Sh243 million, with a performance rate of 100.1 percent.

The Domestic Tax Department (DTB) also exceeded expectations, collecting Sh5.97 billion above target with a performance rate of 104.6 percent. Key contributors to this growth included withholding tax (Sh2.59 billion), betting tax (Sh16 million), excise duty on betting services (Sh50 million), and agency revenue (Sh1.86 billion).

Oil taxes were another strong performer, surpassing targets by Sh3.82 billion, translating to a performance rate of 114.3 percent.

Specific oil-related revenues exceeded expectations: RML by Sh4.29 billion, excise on oil by Sh198 million, PRL by Sh187 million, and RDL oil by Sh92 million.

KRA attributed the robust oil tax revenue to a 30.7 percent increase in overall oil volumes, spurred by growth in petrol (62.3 percent), diesel (4.2 percent), and other oil categories (46.1 percent).

The higher collection was also driven by an increased fuel levy from Sh18 to Sh25 per liter under the Road Maintenance Levy Fund effective July 2024.

Read the original article on Capital FM.

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