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To catch tax fraud, Kenya plans to monitor its thriving mobile money industry and limit borrowing to increase finances and collections by 17%.
President William Ruto’s government is mired in a debt economy that is battling a large public debt that has been increased by borrowing to build infrastructure by previous leaders.
The Kenya Revenue Authority (KRA) now plans to integrate its system with the financial systems of mobile operators to catch tax evaders and generate income at the same time.
Kenya is currently targeting an increase in tax revenues of over 17.8% of GDP in the aforementioned fiscal year 2023/24, with a targeted collection of $24.1 billion and over 18% of GDP in the medium term. , the target collection is $32.2 billion.
President Ruto had previously said the government would require every Kenyan with a national identity card to have a KRA pin.
The government also said it would sharply lower its external borrowing target by a percentage point of GDP and its domestic borrowing target by a percentage point of GDP in 2023/24.
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