KRA targets Landlord in with latest data collection exercise
The Kenya Revenue Authority will start
collecting rental property data in Nairobi city county and the Nairobi
Metropolis as part from today (October 19).
According
to a statement, the exercise is part of the authority’s tax base expansion
exercise, which aims to have more landlords pay taxes
on rental income.
“KRA
officers conducting the exercise will identify themselves using KRA staff
identification cards which can be verified by dialling the USSD code *572#,
through the KRA M-service App or using KRA Thibitisha, which is hosted on the
KRA website, www.kra.go.ke,” the commissioner stated.
KRA
has encouraged the public to help ensure the success of the exercise.
The
authority collected Sh2.031 trillion in income for the fiscal year 2021/22, a
21.7 percent increase and the biggest in its history.
It
is also the first time in fourteen years that the authority has exceeded its
income collection targets.
“KRA
recorded a phenomenal revenue collection of Sh2.031 trillion for the Financial
Year 2021/2022 (July 2021-June 2022) compared to Sh1.669 trillion collected in
the previous financial year 2020/2021,” stated Commissioner-General James
Mburu three months ago.
The
KRA boss attributed the income increase to greater tax compliance from
taxpayers, which resulted to a revenue surplus of Sh148.9 billion over the
initial target.
“The
Authority had an above-target spectacular revenue performance, exceeding the
fiscal year target set in the Budget Policy Statement.” KRA exceeded the
initial revenue target of Sh1.882 trillion as well as two subsequent higher
revenue target revisions of Sh1.911 trillion, which was later increased to
Sh1.976 trillion.”
This
is also the first time the Authority has exceeded its original objective in 14
years, usually dated to FY 2007/08, when earlier target revisions were reduced.
The
21.7 percent revenue growth is also the largest in KRA history.
Domestic
taxes and customs collected Sh1.297 trillion versus a target of Sh1.267
trillion. This equated to a 102.4 percent performance rate and a Sh30 billion
excess collection.
Corporation
tax collection stood at Sh242 billion, exceeding the forecast of Sh218 billion.
This
followed a 32.7 percent increase in the previous fiscal year. “This
achievement was driven by increasing remittances from important sectors such as
banking and insurance, manufacturing, wholesale and retail trade,
transportation, and storage,” Mburu explained.
Pay
as You Earn (P.A.YE) collected Sh461.81 billion against a target of Sh455
billion.
According
to KRA, the performance was primarily influenced by the gradual improvement of
the labour market as a result of economic recovery.