Kenya’s 2011/12 tax revenues rose 11.4 percent versus the previous year but still missed its collection target due to inflation, high oil prices and a weaker shilling, the tax agency said on Friday.The Kenya Revenue Authority (KRA) collected tax amounting to 707.4 billion shillings ($8.4 billion)for the 2011/12 fiscal year compared to 634.9 billion in the previous year, John Njiraini, the KRA commissioner general said in a statement.The revenue agency said collected tax was against a revised target of 716.9 billion for 2011/12, compared with the initial target set by the government of 733.4 billion. KRA has a tax target of 890 billion for the financial year 2012/13.“The macroeconomic environment in 2011/12 was characterised by significant differences (from) that forecast in the budget policy statement (BPS) 2011,” Njiraini said citing inflation, high oil prices and slower economic growth.“Key economic parameters therefore did not behave as forecast and did not provide a stable platform for revenue mobilisation.”Agencies
