Wednesday
January 25
2023

Kenya to Employ Mobile Money to Fight Tax Evasion

This week, the Kenyan government released its Draft Budget Policy Statement which highlights its economic plans. Part of the statement revealed that revenue collection by the Kenya Revenue Authority (KRA) will be scaled up to Ksh3 trillion ($24.1 million) in the 2023/24 financial year, and Ksh4 trillion ($32.3 million) over the medium term.

To reach these goals, the KRA will link its systems with telco companies and improve tax compliance. The new policy will track compliance for Kenya’s 16% VAT on sales, and 20% excise duty on transactions.

Photo courtesy of Fiona Graham/WorldRemit.

Source: News Ghana (link opens in a new window)

Categories
Finance, Technology
Tags
digital payments, financial inclusion, mobile finance