{"id":5542,"date":"2019-09-24T12:56:27","date_gmt":"2019-09-24T09:56:27","guid":{"rendered":"https:\/\/africasustainabilitymatters.com\/?p=5542"},"modified":"2026-01-11T05:30:33","modified_gmt":"2026-01-11T05:30:33","slug":"financial-services-topple-manufacturing-as-top-source-of-tax-revenue","status":"publish","type":"post","link":"https:\/\/rayscohosting.best\/ASM\/2019\/09\/24\/financial-services-topple-manufacturing-as-top-source-of-tax-revenue\/","title":{"rendered":"Financial Services Topple Manufacturing as Top Source of Tax Revenue"},"content":{"rendered":"\n<p><strong>By CONSTANT\nMUNDA<\/strong><\/p>\n\n\n\n<p>The financial and\ninsurance sector has for the first time overtaken manufacturing to become the\nlargest source of tax revenue for the Exchequer, shinning the spotlight on the\ndwindling competitiveness of Kenyan factories.<\/p>\n\n\n\n<p>Statistics from Kenya Revenue\nAuthority (KRA) show tax receipts from the financial services sector, dominated\nby risk-averse banks, grew Sh17.29 billion or 11.64 percent to nearly Sh165.84\nbillion in the fiscal year ended June 2019 compared with a year earlier.<\/p>\n\n\n\n<p>The faster growth helped the\nsector to narrowly dislodge manufacturing from the top of the list of largest\nrevenue contributors after the latter\u2019s tax receipts expanded by Sh10.05\nbillion, or 6.52 percent, to Sh164.30 billion.<\/p>\n\n\n\n<p>The slowdown in growth of tax\nrevenue from factories reflects the shrinking contribution of manufacturing to\nKenya\u2019s Gross Domestic Product (GDP).<\/p>\n\n\n\n<p>Manufacturers have in the past\nlargely blamed inefficiencies, higher levies, taxes and energy prices for\nramping up cost of production, cutting the competitiveness of Kenyan factories\nby about 12 percent compared with global average\u2026<a href=\"https:\/\/www.businessdailyafrica.com\/datahub\/Financial-services-topple-manufacturing\/3815418-5283938-11hek8xz\/index.html\">Read\nmore&gt;&gt;<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By CONSTANT MUNDA The financial and insurance sector has for the first time overtaken manufacturing to become the largest source of tax revenue for the Exchequer, shinning the spotlight on&hellip;<\/p>\n","protected":false},"author":3,"featured_media":5543,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","pagelayer_contact_templates":[],"_pagelayer_content":"","_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[101],"tags":[],"class_list":["post-5542","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international-news"],"_links":{"self":[{"href":"https:\/\/rayscohosting.best\/ASM\/wp-json\/wp\/v2\/posts\/5542","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/rayscohosting.best\/ASM\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rayscohosting.best\/ASM\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/rayscohosting.best\/ASM\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/rayscohosting.best\/ASM\/wp-json\/wp\/v2\/comments?post=5542"}],"version-history":[{"count":0,"href":"https:\/\/rayscohosting.best\/ASM\/wp-json\/wp\/v2\/posts\/5542\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/rayscohosting.best\/ASM\/wp-json\/wp\/v2\/media\/5543"}],"wp:attachment":[{"href":"https:\/\/rayscohosting.best\/ASM\/wp-json\/wp\/v2\/media?parent=5542"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rayscohosting.best\/ASM\/wp-json\/wp\/v2\/categories?post=5542"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rayscohosting.best\/ASM\/wp-json\/wp\/v2\/tags?post=5542"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}