Revenue projected at Ks 5 trillion for FY 2014-15
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Government revenue is projected at Ks 4.89 trillion or approximately US$ 5 billion in the fiscal year 2014-15, more than doubling from last year's level of Ks 2.36 trillion (US$ 2.4 billion).
According to the State Revenue Act for 2014, approved by the parliament and signed by the President, some ministries will start to collect tax revenue this year for the first time.
They are the Ministry of Energy, the Ministry of Electrical Power, the Ministry of Mines and the Ministry of Communication and Information Technology.
In the past years, the task was undertaken by the Ministry of Home Affairs, the Ministry of Rail Transportation, the Ministry of Commerce, the Ministry of Livestock, Fisheries and Rural Development, the Ministry of Environmental Conservation and Forestry, the Ministry of Agriculture and Irrigation and the Ministry of Finance.
Much of the taxes collected last year was contributed by the Ministry of Finance, amounting to 98 per cent of total. It is expected to maintain the important role this year, but the contribution at Ks 3.2 trillion or ($3.3 billion) will fall to 65.5 per cent.
Meanwhile, the Ministry of Home Affairs, in charge of collecting taxes from beer bars nationwide is projected to contribute about Ks 1 billion (US$ 1 million) this year.
