The Kenyan government, under President William Ruto, has achieved a significant fiscal milestone by collecting over KSh 1.5 trillion in tax revenue within the first nine months of the 2023/2024 fiscal year. This substantial tax collection is a direct result of the new measures introduced by the Finance Act 2023, which aimed to boost government revenue through enhanced tax policies and administration. Key among these measures is the 1.5% Affordable Housing Levy, which has contributed to the increased revenue.
The Finance Act 2023 has not only facilitated a robust tax collection but also marked a significant step towards financial stability and economic growth for Kenya. The collected amount, which constitutes 57% of the total revenue of KSh 2.7 trillion, underscores the effectiveness of the government’s tax strategies. By implementing these measures, the Ruto administration aims to address budgetary constraints and invest in critical infrastructure projects, ensuring sustainable economic development and improved public services for Kenyans.
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