KRA miss half year revenue target by Ksh47 billion

The Kenya Revenue Authority has missed its revenue collection target for the first half of the 2015/2016 fiscal year by Sh47. 6 billion.

According to the Treasury’s draft budget policy statement, the revenue shortfall was caused by underperformance in the collection of pay-as-you-earn tax, value added tax on imports as well as the delayed enactment of the Excise Duty Act.

Collection of fees and charges at source by other government agencies was also off target by Sh20 billion by the close of December 2015.

At the same time, the government’s domestic borrowing fell short by Sh80.3 billion, with the government borrowing 26 billion shillings against a target of Sh106.6 billion.

In total, the government closed last year with a funding shortfall of Sh164.7 billion.

 

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KRA revenue target miss 47 billion

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