Kenya economic survey 2018

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Kenya economic survey 2018

According to Kenya Economic Survey 2018, in the financial year 2017/2018 the national government expenditure was expected to reach Ksh. 2.7 trillion. Development expenditure was expected to reach Ksh. 670.6 billion while recurrent expenditure was Ksh. 2.2 trillion.

Tax revenue was estimated to hit Ksh. 1.4 trillion. This is the amount collected from export, import, income and excise duty taxes among others.

In financial year 2017/2018, the Kenya Economic Survey 2018 predicts that Kenya had spend Ksh. 623.1 billion on public debt servicing.

In 2017/18, Income tax and Value Added Tax (VAT) are estimated to increase or grow by 15.4 per cent and 14.6 per cent, to KSh 724.0 billion and KSh 388.7 billion, respectively. Tax collection on Income Tax and VAT categories are expected to account for 49.4 per cent and 26.5 per cent of the total tax revenue, respectively, in the review period.

The non-tax revenue is expected to account for 11.2 per cent of the total ordinary revenue in FY 2017/18. The government implemented the Finance Act, 2017 as from 1st January 2018, to provide for clear regulations on administration of Income Tax. The Act is expected to enhance tax revenue yields and compliance.

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Geoffrey Kerosi is a prolific Kenyan writer based in Nairobi City. Email: Skype: gkerosi Whatsapp: +254713 639 776 YouTube: Kerosi TV

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