Tax collections slumped to a five-year low last month, as the negative effects of Covid-19 continued to hit government coffers. As at the end of last month, Kenya Revenue Authority had collected Sh1.33 trillion and will have to collect Sh130 billion to hit its revised target of Sh1.49 trillion by end of the current financial year on Tuesday. Rules that have reduced economic activities include a dusk-to-dawn curfew, partial lockdown of three counties and a ban on all social and political gatherings. By May, the country had borrowed Sh717.2 billion, with more than half of it - Sh409 billion - being net borrowings from the domestic market, according to the gazette notice. SEE ALSO: Waluke judgement a reminder that all isn’t lost in graft fight

Source: Standard Digital June 26, 2020 21:00 UTC