09
Jul
The Kenya Revenue Authority (KRA) has announced a significant increase in revenue collection for the financial year 2023/2024, recording a notable 11.1% growth. The total revenue collected amounted to KSh 2.407 trillion, compared to KSh 2.166 trillion in the previous financial year. This translates to a performance rate of 95.5% against the target. The past year was marked by multiple economic shocks, including the depreciation of key currencies such as the US Dollar, rising interest rates, and increased inflation driven by global supply chain disruptions. These factors impacted revenue mobilization efforts. Despite these challenges, the KRA achieved 95.8% of its…