President William Ruto on Thursday proposed the renaming of the Kenya Revenue Authority. In his proposal, the President said the renaming will be part of a culture change to make the authority people friendly.
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The National Treasury building, Nairobi. [Elvis Ogina, Standard]
Parliament has asked the National Treasury to reduce its domestic borrowing target in the 2021-22 financial year by Sh193 billion, setting the stage for the government to head to the international debt markets.
A report by the National Assembly Budget and Appropriations Committee further asks the government to reduce the stock of Treasury bills by Sh200 billion and retire its overdraft facility at the end of each financial year.
“Consistent with the debt mix that ensures there is low cost and minimises risk, net foreign financing be limited to Sh530 billion while net domestic financing be set at Sh399 billion,” the committee said.
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KRA introduces tax amnesty programme to run for three years. [File, Standard]
Kenya Revenue Authority (KRA) collected Sh89.6 billion less in January compared to the same period in 2020.
According to the latest statement from the National Treasury, the taxman netted Sh784.9 billion in the first seven months of the 2020-21 financial year, which was a 10.2 per cent drop from the Sh874.5 billion collected last year.
Despite acknowledging that the economy will struggle to find its footing in the next financial year starting July, Treasury pushed up its tax collection estimates in its final Budget Policy Statement for 2021 from the draft estimate released earlier.