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William Ruto's Govt Collects Over KSh 684b in 4 Months from Finance Act 2023

 

President William Ruto's administration has collected over KSh 684 billion in four months since the implementation of the Finance Act 2023. President William Ruto smiling during a past meeting in Riyadh, Saudi Arabia. Photo: William Ruto. Source: Twitter The National Treasury reported an increase in tax revenue of 12.63% to KSh 684.75 billion in the four months to October 2023. What are Ruto's plans to increase revenue? The increase in revenue is attributed to new measures and taxes proposed in the controversial Finance Act 2023. Ruto's government introduced a housing levy, double Value Added Tax (VAT), fuel, export, and investment promotion levy, and digital assets tax, among others, to raise revenue for the KSh 3.93 trillion budget for 2023/24. October revenue collected by the Kenya Revenue Authority (KRA) grew by 19.42% to KSh 170.48 billion, up from KSh 142.78 billion collected during the same month in 2022, Nation reported. Ruto's new tax revenue target Ruto said his administration is committed to ensuring the country is dependent on its own revenue. He reiterated that his administration set a revenue collection target of KSh 3 trillion for the taxman, saying it is achievable. "We have given a target to KRA of KSh 3 trillion this year. I know it is achievable and doable and next year I know we can do KSh 4 trillion," said Ruto during the Taxpayers Day Celebration in Mombasa on Friday, November 3. The head of state set a new tax collection target of KSh 4 trillion for Kenya Revenue Authority (KRA) to meet in the financial year 2024/25. Changes in government taxes and fees The government proposed changes to fees charged on services, including land transaction charges. Lands Cabinet Secretary (CS) Alice Wahome said the fees and charges on land services offered by the government had remained unchanged for over 30 years. In the new changes, Kenyans will pay KSh 2,000 for land search fees, up from the current KSh 500. 


BY Wycliffe Musalia 

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