Payroll taxes dip Sh37bn on Covid layoffs, salary cuts
Summary
Payroll taxes fell an estimated Sh37.13 billion in the financial year ended June 2021, reflecting the impact of Covid-induced layoffs and pay cuts on a tough labour market.
The Kenya Revenue Authority (KRA) has reported a 9.3 percent drop in Pay As You Earn (PAYE) tax receipts in the review period compared to a year earlier when the taxes amounted to Sh399.20 billion.
The taxman has blamed the drop from Sh399.20 billion to an estimated Sh362.08 billion on the impact of the pandemic on private sector jobs.
Tuesday July 06 2021
By CONSTANT MUNDA
Payroll taxes fell Sh6.4 billion in the quarter ended March despite the Treasury reinstating income tax cuts, highlighting the impact of Covid-19 on layoffs and pay cuts.
Payroll taxes fall Sh52bn as firms reduce pay, staff businessdailyafrica.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businessdailyafrica.com Daily Mail and Mail on Sunday newspapers.