Headline : Banks Tax Contribution Up Ksh 190.3 Bn Despite Growth in NPLs

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The Kenyan government is more reliant on tax contribution of banks compared to Tanzania; a new report by Kenya Bankers Association shows.

“This means that compared to the Tanzania government, the Kenyan government is more reliant on the tax contribution of banks. Noteworthy, we were not able to make similar comparisons for other East African countries as the TBA is the only Banking Association in the East Africa region that has published a total tax contribution (TTC) report,” says Acting Chief Executive Officer Kenya Bankers Association, Raimond Molenje.

The estimated total tax contribution for the 43 banks and micro finance institutions that participated in the study is Ksh190.26 billion. In 2022, the total tax contribution was Ksh181.27 bn. “At Ksh 190.26 bn, this is the highest TTC since the study’s inception in 2017 and is equivalent to 8.78 per cent of all the taxes collected by the government1 and represents a year-on-year growth of 4.96 per cent,” notes Molenje

“Given the current high levels of compliance within the banking sector, this perhaps indicates that the tax contribution of the banking sector is reaching a level where it cannot be optimised further,” he adds.

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