Regional tax authorities’ meeting kicks off in Nairobi

The National Treasury has assured that it is taking concerted efforts in reducing graft and improving efficiency in tax collection and implementation for the country to realize savings in funding its fiscal obligations.

National Treasury and Economic Planning Cabinet Secretary John Mbadi says Kenya ought to improve its domestic revenue mobilization if it is to meet its financial obligations every financial year.

According to the latest figures from Treasury Kenya’s external borrowing for this financial year stands at Ksh 348 billion with a further Ksh 296 billion borrowed from the domestic market.

Speaking while opening the 52nd East African Revenue Authorities Commissioners General meeting in Nairobi, Mbadi noted that there has been a shift in international borrowing, as countries begin to look at ways of taming runaway borrowing.

This comes on the backdrop of increased revenue mobilization for the financial year 2023/2024 which grew by 11.1pc after the Kenya Revenue Authority (KRA) collected Ksh 2.407 trillion compared to Ksh 2.166 trillion in the previous financial year.