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Kenyan banks and microfinance firms paid $1.4 billion in taxes in 2024, accounting for 8% of national revenue.
Kenyan banks and microfinance institutions paid Ksh194.81 billion in taxes in 2024, making up 8.09% of the country’s total tax receipts.
This included Ksh100.12 billion in direct taxes and Ksh94.69 billion collected on behalf of the government, such as PAYE and withholding taxes.
Corporate tax dropped 4.98% year-on-year, but people-related taxes surged, driven by the Affordable Housing Levy, which more than doubled to Ksh3.45 billion.
The sector’s tax contribution reflects strong financial performance, with major banks reporting significant profit growth.
Officials urged tax reforms to ease burdens on workers and broaden revenue sources beyond salaried income.
Los bancos y las empresas de microfinanzas keniatas pagaron $ 1.4 mil millones en impuestos en 2024, lo que representa el 8% de los ingresos nacionales.