Kenya's Tax Revenue Rose 20% on Growth, Compliance
2008-07-07 10:16:00.450 (New York)
By Eric Ombok
July 7 (Bloomberg) -- Kenya's annual tax revenue rose 20 percent as the east African country's economy grew and more people paid the tax they owed the government, Michael Waweru, the Kenya Revenue Authority Commissioner General, said.
Revenue rose to 433.9 billion shillings ($6.65 billion) in the year ended June 30, from 360.2 billion the year earlier, Waweru said at a press conference in the Kenyan capital, Nairobi, today. The collection exceeded a 427.7 billion shilling target.
``The economy is beginning to look up and compliance is up,'' he said. ``All revenue departments registered signigicant growth.''
Kenya's economy, the biggest in east Africa, grew 7 percent in 2007 and growth will slow to 4 percent this year after election violence, according to the International Monetary Fund.
The violence, which resulted in about 1,500 deaths, caused the economy to shrink 1.3 percent in the first quarter, the National Bureau of Statistics said on July 1. It has since rebounded.
Also FYI
Zambia to Begin Using Kenya's Mombasa Port for Copper Exports
2008-07-07 15:46:48.280 (New York)
By Eric Ombok
July 7 (Bloomberg) -- Zambia, Africa's largest copper producer, will start shipping copper out of the Kenyan port of Mombasa, 30 years after it last used the facility.
Use of the port will start ``as soon as government-to- government modalities are finalized,'' the Kenya Ports Authority said in an e-mailed statement today. Zambia's decision to use Mombasa was prompted by increasing volumes of copper being mined in the landlocked country, according to the statement. |
