Deputy President Rigathi Gachagua said during a meeting in Karen that the executive had a 7-hour meeting with KRA on Tuesday night to explore strategies for boosting tax collection.
In order to come to an agreement on how to raise extra money to support our present development budget, we sat down with KRA last night till midnight, said Gachagua.
Gachagua pointed out that this is essential because the government is having problems generating money to fund government initiatives because the funds in the Treasury are being utilized to pay salaries and service public obligations.
According to DP Gachagua, "In due time, we will turn around the economy of this country, first and foremost in the first two years God willing, to return Kenya to where President Mwai Kibaki left us and gradually turn around the economy to better people's quality of lives."
Gachagua emphasized that the William Ruto-led administration took over a crumbling economy.
"We have work to do to turn around the economy of this country. It is in a sorry state. It's not going to be simple, so we'll be asking you all to be patient," he stated.
The total tax receipts for the first two months of the 2022–23 fiscal year are Sh280.2 billion, up from Sh247.8 billion in the last fiscal year, while it is still unclear whether the Sh3 trillion objective covers the entire financial year ending June 30, 2023.
By the end of the fiscal year that ends on June 30, 2023, KRA had anticipated collecting Sh2.072 trillion overall.
After eliminating soaring gasoline subsidies that it claimed were unsustainable given the nation's debt predicament, the Kenya Kwanza government has been under pressure to lessen the biting consequences of the rising cost of living.
President William Ruto pledged to lower living expenses within his first 100 days in power during the 2022 election campaign.
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