Kenya Revenue Authority (KRA) missed its half-year tax collection target by KSh73 billion, netting KSh779.3 billion in the first half of the 2019-2020 financial year.
The National Treasury’s Statement of Actual Revenues and Net Exchequer Issues as at December 31, 2019 published in the Kenya Gazette Notice No. 452, total revenue receipts were KSh1.245 trillion,with a target of KSh2.651 trillion by June 30, 2020.
The received amounts include the non-tax income of KSh78.5 billion, which is slightly half the targeted KSh138.8 billion.
Domestic borrowing for the period closed at KSh258.2 billion which is half the KSh514 billion 2019-20 financial year target.
Last financial year, 2018/2019, was recorded at KSh1.44 trillion, but short of the Treasury-set target by KSh72.7 billion.
“With the expectations of KRA not achieving the revenue targets, we expect this to result in further widening of the fiscal deficit which ought to be plugged,” Cytonn Investments in their 2020 Markets Outlook.