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Reading: KRA’s revenue from customs is Sh791.4 billion for the fiscal year 2023–2024.
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Newsunplug Kenya > Blog > Business > KRA’s revenue from customs is Sh791.4 billion for the fiscal year 2023–2024.
Business

KRA’s revenue from customs is Sh791.4 billion for the fiscal year 2023–2024.

Ivy Irungu
Last updated: September 12, 2024 5:17 am
Ivy Irungu
11 months ago
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The Kenya Revenue Authority (KRA) has reported a substantial increase in customs revenue collection for the fiscal year 2023/2024, reaching Sh791.4 billion. This represents a 4.9 percent rise from the previous year, largely attributed to enhanced trade facilitation measures and technological advancements.

A notable achievement during this period has been a 54 percent reduction in the time required to release goods from major entry points, such as the Port of Mombasa, Inland Container Depots, and Kenya Railways Corporation Sheds. The average processing time has dropped from 112.6 hours in FY 2021/2022 to 51.43 hours in FY 2023/2024, reflecting a significant boost in trade efficiency.

KRA data indicates that increased adoption of Pre-Arrival Cargo Processing has played a major role in this efficiency. The use of this process, which allows customs entries to be declared using the bill of lading before the cargo arrives, has risen from 25.28 percent in FY 2021/2022 to 40.55 percent in FY 2023/2024.

The improved capabilities of the Customs Integrated Management System (iCMS) have been crucial in this progress, facilitating faster processing and clearance of goods. All goods arriving at the Port of Mombasa are now inspected at their port of origin, ensuring regulatory compliance through the issuance of a Pre-Export Certificate of Conformity by licensed inspectors from the Kenya Bureau of Standards (Kebs).

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Additionally, the integration of KRA’s systems with the KenTrade Trade Facilitation Platform has streamlined customs clearance procedures. This integration allows for seamless sharing of critical import documentation and minimizes the need for physical office visits, enhancing overall efficiency for importers and customs clearing agents.

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