KRA Inks Deal With Banks For Revenue Mobilization

Kenya Revenue Authority (KRA) and the Kenya Bankers Association (KBA) are set to benefit from a reaffirmed commitment to foster stronger partnerships and streamline processes that drive revenue mobilization.

This follows a high-level engagement between the Leadership of the two organizations that emphasized the critical role played by the banking industry and the tax agency in economic development and prosperity of the nation.

During the engagement, KRA Commissioner General Mr Humphrey Wattanga acknowledged the banking sector as a key stakeholder in Kenya’s financial sphere with a significant contribution to revenue.

“The banking industry contributes about 10% of the total revenue that we collect and we welcome these consultative interactions for better facilitation of the sector,” he said.

KBA Ag. Chief Executive Officer Mr Raimond Malonje reiterated KBA’s commitment to contribute to Kenya’s economic growth and support the Government in fulfilling its mandate to the people. He further added that the banking industry would collaborate with KRA to unlock any bottlenecks within the ecosystem to drive revenue growth.

KRA and KBA have previously collaborated in technical expertise and research assistance during the development of the 2022 Total Tax Contribution studies where 39 banks participated.

The Leadership engagement draws from KRA’s service-focus approach whose key objective is to enhance efficiency of the tax administration, through technology-driven service delivery and tax base expansion.

Through these engagements, KRA envisions a conducive environment for businesses while advancing its mission to modernize tax administration through innovative, user-friendly, and technology-driven solutions.