Income Tax - Home 1 - NTA Kenya



0003024505350520 FINANCE BILL 2020 ANALYSIS0 FINANCE BILL 2020 ANALYSIS1657357889240NATIONAL TAXPAYERS ASSOCIATIONNATIONAL TAXPAYERS ASSOCIATIONABOUT NTAABOUT NTAThe National Taxpayers Association (NTA) is an independent, non-partisan organization that promotes good governance in Kenya through citizen empowerment, enhancing public service delivery and partnership building. NTA does this through monitoring the management of public resources as well as building partnerships and developing the capacity of the partners.NTA envisions a taxpayer responsive government that delivers quality services to all. This is achieved by NTA undertaking taxpayer-transforming research and capacity building through partnerships and ultimately influencing government’s policies and strategies.The National Taxpayers Association (NTA) is an independent, non-partisan organization that promotes good governance in Kenya through citizen empowerment, enhancing public service delivery and partnership building. NTA does this through monitoring the management of public resources as well as building partnerships and developing the capacity of the partners.NTA envisions a taxpayer responsive government that delivers quality services to all. This is achieved by NTA undertaking taxpayer-transforming research and capacity building through partnerships and ultimately influencing government’s policies and strategies.INTRODUCTIONThe Finance Bill, 2020 was published on 5 May 2020. The bill was introduced to the National Assembly early unlike previous years where the bill was introduced after the reading of the national budget in June. The bill makes amendments to various of laws in Kenya, including the Income Tax Act (CAP 470), the Value Added Tax Act, 2013, the Tax Procedures Act, 2015, the Miscellaneous Fees and Levies Act, 2016 and the Excise Duty Act, 2015 among others. All the proposed amendments relating to income tax have an effective date of 1 January 2021 while most of the amendments will come into force on the date of assent, which is expected to be prior to 1 July 2020. The Bill is expected to be passed into law in the course of June and the National Assembly has requested stakeholders and the general public to submit comments on the Bill by 21 May 2020. The proposals in the Bill aim at expanding the tax base so as to finance the budget for FY 2020/2021.Revenue projectionIn the FY 2020/21 revenue collection including Appropriation-in-Aid (A.i.A) is projected to increase to KSh 2,133.5 billion (18.3 percent of GDP) up from KSh 2,084.2 billion (20.1 percent of GDP) in the FY 2019/20. Revenue performance will be underpinned by on-going reforms in tax policy and revenue administration. Ordinary revenues will amount to KSh 1,856.7 billion (16.0 percent of GDP) in FY 2020/21 from KSh 1,843.8 billion (17.8 percent of GDP) in FY 2019/20.Expenditure ProjectionsWhile the Government expenditure is projected to decline as a share of GDP to 23.6 percent, the overall nominal expenditure and net lending for FY 2020/21 is projected at KSh 2,743.8 billion from the estimated KSh 2,874.2 billion (27.8 percent of GDP) in the FY 2019/20 budget. The expenditures comprise a recurrent of KSh 1,786.9 billion (15.4 percent of GDP) and development of KSh 576.0 billion (5.0 percent of GDP).?Deficit FinancingReflecting the projected expenditures and revenues, the fiscal deficit (including grants), is projected at KSh 569.4 billion (4.9 percent of GDP) in FY 2020/21 against the estimated overall fiscal balance of KSh 657.4 billion (6.3 percent of GDP) in FY 2019/20. 168. The fiscal deficit in FY 2020/21, will be financed by net external financing of KSh 247.3 billion (2.1 percent of GDP), KSh 318.9 billion (2.7 percent of GDP) net domestic borrowing and other net domestic receipts of KSh 3.2 billion.Income TaxA. Imposition of residential rental Income TaxProposed ProvisionThe Finance Bill seeks to increase the minimum annual rental income taxable from KSh 10Million to KSh 15Million.Implication:This implies that landlords whose annual rental income is less than KSh 15Million will not pay taxes. This is a good move by the government to cushion the landlords and tenants from the harsh economic times and we wish to beseech the landlords to consider lowering rents for tenants especially during this Covid-19 pandemic. However, measures should be put in place to ensure that there is trickle down effect to ensure that tenants benefit through rent reduction.B. Minimum TaxProposed Provisions:The Finance Bill seeks to introduce a new tax referred to as the minimum tax charged at one percent to replace the installment tax provided that the installment tax is higher than the minimum tax under this new provision. The proposed minimum tax appears to be a simple revenue raiser.? The proposal may need clarification in that it is unclear whether the tax applies when the amount of it exceeds a taxpayer’s regular tax liability or whether it is in addition to this liability.ImplicationWhile the Kenyan government undoubtedly needs revenue, the timing of this tax may be unfortunate in that many businesses are likely suffering losses because of the COVID-19 epidemic and not because of a use of tax shelters or aggressive tax planning.? Also, the imposition of the tax may be particularly harmful to new businesses, particularly small and midsized enterprises (SMEs).?A better alternative at this time may be to create a minimum tax that applies when a company shows income on its financial statements materially greater than the taxable income it reports to the government, and this pattern persists over a number of years.? In addition, the proposed minimum tax might only be applicable to businesses exceeding a certain size.? Otherwise, it will apply to many small businesses with little revenue to be gained, encounter stiff resistance, and be difficult to enforce.C. Digital Services TaxProposed Provision:The Finance Bill 2020 seeks to introduce a tax referred to as digital services tax to charges at one-point five percent of the total income accrued from the provision of a digital service.AnalysisDSTs fall somewhere between a traditional income tax and a transactions tax.? They are typically imposed on one or more of four income streams: (i) sales of data by the internet provider, (ii) the operation of an internet marketplace, (iii) the enablement of transactions between two internet users, and (iii) the provision of services to advertisers using a digital marketplace.? DSTS have been proposed by a number of and enacted by a few countries as a way of taxing large MNEs doing business locally but often without a physical.? They are typically viewed as an interim tax until a consensus is reached on how to impose an income tax on digital businessesDoes the bill follow best practices??The proposed DST seems to be more like a sales tax imposed on each transaction as it takes place.? The DSTs adopted by other countries follow a very different pattern.? To begin with, they are usually only imposed on large MNEs with a sustained and substantial local presence and designed to tax a gross amount of revenue realized during the taxable period.? In most cases, the firms subject to the tax are those with €750 million in gross worldwide revenue and a significant minimum amount of revenue attributable to the local jurisdiction. ? The ability to track users to the local jurisdiction typically involves the use of IP addresses and/or actual physical addresses.? An attribution rule, such as a pro rata allocation based on the relative number of local users compared to worldwide users, is then employed to allocate a portion of worldwide revenue to the DST jurisdiction.? To give a sense of the detail needed to impose a typical DST, an analysis of the steps taken by other countries in employing a DST should be helpful.??Implication:?The introduction of a digital service tax is a welcome move by the treasury to widen the tax base however, in 2019 a digital market place tax was introduced and is VAT tax. Therefore, there is need to clarify the difference between these two taxes and how they will be administered to avoid confusion.Challenges in imposing the DSTIf confined to relatively large companies, the imposition of a DST in Kenya should be feasible.? If applied to a broad base of companies including SMEs, the effort will be akin to the imposition of a new VAT, a daunting exercise.? Imposing of a broad-based DST actually requires enough resources.? It would involve tracing thousands of transactions and determining the gross revenues attributable to them and then imposing a tax on them.? The only way this might be feasible is to use intermediaries such as platform operators and financial institutions, but this would impose a significant burden on these intermediaries.Practical recommendations to the governmentDST has a role in taxing MNEs that would otherwise escape income taxation.? For this reason, we suggest advising the government that the Kenyan DST should be lodged solely against large foreign MNEs without a PE in Kenya or those with a PE but reporting only a nominal amount of income relative to the scope of their business with local customers.? It should be viewed as a substitute for an income tax that they would otherwise pay on the profits derived from local customers.? Even then, the tax may raise serious trade tax discrimination issues under the “national treatment” provisions in the General Agreement on Trade in Services (GATS). ?To avoid an effective GATS challenge, the tax needs to be shown to impose no greater a burden on foreign MNEs than the roughly equivalent Kenyan income tax imposes on local businesses.??NTA advise against the enactment of a broad-based DST formulated along the lines of a sales tax.? The base for such a tax would duplicate the base subject to VAT and tariffs and likely cause an unwanted cascading of taxes (VAT being imposed on the price of goods already increased due to a broad-based DST).? A tax of this nature can borrow from the legislation employed in other countries and from their early experience with such a tax.?Finally, the use of intermediaries to collect a DST should be explored. The OECD is making this suggestion for collecting VAT from offshore providers. It should also be effective in the imposition of a DST on such providers.D. Income of Home Ownership Savings Plans (HOSPs)?Proposed provision: The bill proposes to subject the income of HOSPs to tax.Implications: The proposal seeks to subject to tax income earned by financial institutions, fund managers, investment banks and building societies with respect to HOSP deposits. This will reduce the income available for distribution to depositors as interest, negatively impacting their ability to purchase homes. The proposal defeats the government ambitious plan to increase the affordability of the houses in the Big 4 agendaE. Income earned by NSSF to be taxedProposed provision:?The Finance Bill proposes to subject income earned by NSSF to tax.?Implications:?This proposal will reduce the retirement benefits available to retirees and is also contrary to the general provisions for exemption of the income of registered retirement schemes.?Non-deductible expensesProposed provision:?The Finance Bill proposes to subject the following business expenses to taxation which initially were exempted.These are:Membership subscriptions and fees on members’ clubs and trade associations?Legal and other incident capital expenditure relating to the authorization and issue of shares, debentures or similar securities offered for purchase by the general public;?Legal and other incident capital expenditure relating to listing without raising additional capital;All listing expenses;Club subscriptions paid for employees;?Capital expenditure incurred on the construction of a public school, hospital, road or any similar kind of social infrastructure.?Implication:?This is likely to reduce the number of companies listed at the Nairobi Stock Exchange as a way of raising capital. Further, disallowing of expenses relating to social infrastructure projects will be a big blow to communities that benefit from such social infrastructures. This is because such companies will be discouraged in investing in such social well-being projects if the expenses will not be allowable against their income for tax payersValue Added Tax (VAT)Deduction of input taxUnder the current provision under section 17(2); deduction for input tax shall not be allowed until if the tax payer does not hold the documentation required.The Bill proposes amend section 17(2) as follows;Input tax will be not be allowable if;a) the taxpayer does not hold the documentation; orb) the registered supplier has not declared the sales invoice in a return,If the bill proposal passes, suppliers will be required to provide full details of sales invoices for the buyer to be allowed to claim the input against their sale.ImplicationThe proposal seems to be inclined towards easing VAA variances; however, this may also offer administrative burden to taxpayers as buyers may be forced to follow up with suppliers to ensure that the invoice reflects in the iTax system before they can claim it.Challenges in implementing the proposalThe proposal may be asking too much from VAT paying businesses.? It seems to call for them to know whether their suppliers have fully complied with their VAT responsibilities when this knowledge may not be readily available to them.? Further, they may not have the power or authority to effect compliance.? The danger is that a government that asks too much from its taxpayers may generate cynicism about the tax system.Taxpayers always have a responsibility to comply with the tax laws pertinent to them.? This proposal may take this a step too far in asking VAT taxpayers to ensure compliance by unrelated parties with the VAT laws.As outlined above, the basic problem with the proposal is that it appears to be asking a person paying VAT in an intermediary stage to enforce the VAT responsibilities of its suppliers when it may lack the knowledge and authority to do so.Proposal to subject to VAT at 14% which are currently VAT exempt (Amendments under the First schedule of the Value Added Tax Act; Section A, Part 1)Aviation sectorPurchase of specific types of helicopters, aeroplanes, parts of aeroplanes and helicopters, air combat simulators and Aircraft launching gear and partsLeasing and hiring of helicoptersEnergy SectorSpecialized equipment for the development and generation of solar and wind energy, including deep cycle batteries which use or store solar power upon the recommendation of the Cabinet Secretary responsible for matters relating to energy.Taxable goods locally purchased or imported by manufacturers or importers of clean cooking stoves for direct and exclusive use in the assembly, manufacture or repair of clean cook stoves approved by the Cabinet Secretary upon recommendation by the Cabinet Secretary for the time being responsible for matters relating to energy.Stoves, ranges, grates, cookers (including those with subsidiary boilers for central heating) barbeques, braziers, gas-rings, plate warmers and similar non-electric domestic appliances, and parts thereof, or iron or steelImplicationsThe proposal to subject 14 percent to the mentioned goods in the energy sector will increase the cost of production of power in the Country and will discourage investors from coming to invest in Kenya. Clean cooking stoves are considered as environmentally friendly and affordable. Introducing VAT at 14% will force the major users of these sources of energy to shift and use non-environmentally friendly sources of energy like firewood.Agricultural sectorTractors other than road tractors for semitrailers.Implications:The introduction of VAT on tractors will have a negative impact on farmers. This will increase the cost of production in the agricultural sector which is already being affected by invasion of locusts, poor rainfall and influx of cheap imports which reduces the prices of local produce. One of the primary goals of food security and nutrition under the Big 4 agenda is to enhance large scale food production and mechanization therefore, will play a key role in achieving this goal.Public servantsOne motor vehicle for a returning public officer from a foreign posting in a foreign missionProposal to exempt from VAT currently subject to VAT at 14 percentAgricultural sectorMaize (corn) seeds of tariff no.1005.10.00Implication:The exemption of VAT on maize imports will disadvantage the local maize farmers in the country who have been complaining of low prices released by the government to buy their products as compared to the imported maize. The move will demotivate the local farmers especially small-holders from farming maize.Health sectorAmbulance servicesImplicationsThe Government of Kenya has committed to make strategic investments in health to ensure that all residents of Kenya can access the essential health services they require by 2022 including emergency services. The move to exempt ambulance services from VAT is therefore, a good step as it will make ambulance services accessible and affordable and this will go a long way in achieving the objectives of Universal Health Coverage.?Amendments in the second schedule; Part AProposal to subject to VAT at 14 percent (Previously Zero-rated)Energy sectorThe supply of liquefied petroleum gas including propane.Inputs or raw materials for electric accumulators and separators including lead battery separator rolls whether or not rectangular or square supplied to manufacturers of automotive and solar batteries in Kenya.Implication:The introduction of VAT on LPG will increase the cost of living as LPG is used as the main energy source for many urban homes. It will make LPG which is a recommended source of energy for home use less accessible to many Kenyans who are already facing financial distress in light of the harsh economic effects of the COVID-19 pandemic. This also negates government efforts to shift consumers from use of wood fuel to LPG in order to conserve forests.Excise DutyThe Bill seeks to expand the definition of license for excise duty purposes to include the operating licenses for activities that have been gazetted by the Commissioner as activities for which an excise license is required.Implication:This will provide clarity on licensing and reduce bureaucracy since such activities do not require an additional license thus easing tax administration on the products.Proposed provision:The Bill seeks to change the excise duty coverage for alcoholic beverages as follows:Beer, Cider, Perry, Mead, Opaque beer and mixtures of fermented beverages with non-alcoholic beverages and spirituous beverages of alcoholic strength not exceeding 8% (previously this was 10%)Spirits of undenatured ethyl alcohol; spirits liqueurs and other spirituous beverages of alcoholic strength exceeding 8% (previously this was 10%).Implication:?The proposal reduces the beers which are subject to excise duty while increasing the spirits subject to excise duty. Given that the excise duty on spirits is higher, the changes will increase the excise duty collections. Tax ProceduresVoluntary Tax Disclosure Program.Proposal provides for a voluntary tax disclosure program that will run from 1st January 2021. This provides for a relief of penalties and interests on the taxes disclosed, and also shall not be prosecuted. This is for the persons with tax liabilities that are accrued within a period of five years prior to the 1st July 2020.The remission of penalties due on tax liability will run for three years, with the following guidelines;Disclosures done in 2021, will have 100% remission of the interest and penalty,Disclosure done in 2022, will have 50% remission of the interest and penalty,Disclosures made in 2023 will have a 25% remission of the interest and the penalty.This section shall not apply to a person under audit, investigation or is a party to ongoing litigation in respect to tax liability, or has been notified of a pending audit or investigation by the commissioner.Implications:This will encourage more compliance to disclosure, as more persons with liabilities can come out without fear of prosecution under section 80. This will increase the revenue collection by KRA.This move will also save the government the cost of investigation, and audit in search of the non-compliant persons.Appointment of an agent for collection and remittance of digital service tax to the commissioner.This may be revoked any time by the commissioner.ImplicationThis means more revenue collection by KRA for the Government. On the other side, it means taxes will now be collected from persons operating on the digital space, to sell products or services.Miscellaneous Fees and LeviesIt is worth noting that most of the proposals put forth in the Bill had been proposed in the Tax Laws (Amendment) Bill, 2020 but were rejected by the National Assembly.Import Declaration Fee (IDF)1.5% Import declaration Fee on Duty Remission Scheme?Proposed provision:?The Bill proposes to increase the Import Declaration Fee for goods imported under the East African Community Duty Remission Scheme from the current standard rate of KES 10,000 to 1.5% of the customs valueImplication:?The increase in the Import Declaration Fee will increase KRA’s collections and help curb cheap imports from the EAC community as well as assist to bridge the deficit arising from other tax incentives. However, this change increases the cost of products which are mostly provided through grants for the benefit of vulnerable persons.Additional duty on goods from EPZ?Proposed provision:?The EPZ Authority promotes export-oriented businesses located within EPZ zones.? One of the benefits is that qualifying businesses obtain a 10-year corporate tax holiday.? Businesses located in an EPZ zone were not to engage in a domestic business.? However, largely because of the COVID-19 pandemic, zone businesses have been opened to engaging in business in the local market.? As one of the conditions for entering the local market, the bill proposes an additional 2.5% duty (akin to a customs duty) with respect to goods entering the local market.?Implication:?The duty is in addition to custom duties applicable on the remove of products from the EPZs for home use.Recently the government has opened up the local market for the EPZ enterprises whose export markets have been negatively impacted by the COVID-19 pandemic. The additional duty will make EPZ products more expensive given that Special Economic Zones have unfettered access to local markets once they account for custom duties on their products.The proposal is designed simply to raise revenue for the government.? This appears to be a simple and effective means of doing so.? The downside is that it will likely result in an increase in prices to local consumers of the affected goods.? Rates tend to creep up, but the current proposal does not seem to make a material increase in rates.? Apart from rate creep, an additional concern is that the increase in rates may cause a cascading of the tax in that VAT will then be levied on what is likely to be an increased price of the good. Practically, this may be difficult to avoid if prices of the affected goods are, in fact, increased as a result of the rate boost, but its effect should be taken into account in judging the desirability of the proposal.Exemption from Import Declaration FeeProposed provision:?The Bill restricts exemption from Import Declaration Fee for aircraft. Initially all aircraft were exempted from IDF but now this exemption does not apply to helicopters (class 8802.11.00 and 8802.12.00) and aircraft exceeding 2000kg.The Bill also seeks to remove IDF exemption on goods exempted for projects worth over KES 200m which are deemed to be in the public interest and goods procured under a special arrangement with the government.The Bill further seeks to provide IDF exemption on goods, equipment, machinery and motor vehicles for official use by the Kenya Defense Forces (KDF) and the Kenya Police.Implication: The proposed changes will result in an increase in IDF collections on aircraft that are now not exempted. However, the proposed change will hit operators of passenger and cargo aircraft who have been the most affected by the COVID-19 pandemic.?On the other hand, the exemption from IDF on goods and equipment for defense forces and police removes bureaucracy since under the current regime the National Treasury is expected to provide budgetary allocations to fund the IDF payments.Exemption from Railway Development Levy (RDL)Proposed provision: The Bill removes the exemption on goods imported for public interest projects worth KES 200m but extends exemption to imports by the defense forces and police and also currency notes.Implication: The move reduces cash transfers between government ministries and departments to cater for tax while continuing the government policy to remove tax incentives for private sector investments.KRA ActThe Finance bill proposes to amend the Kenya Revenue Act section 16(1)(b) to provide a 2% commission that accrues to KRA by virtue of discharging the role of revenue collection on behalf of a county. This may have been necessitated by the handing over of Key functions of Nairobi county, such as revenue collection to the National level.?Further, delegation of the revenue collection function to private third parties for a fee, has been fraught with concerns of corruption and lopsided contracts that have seriously eroded the revenue base of counties and thus taken away critical resources that would have provided essential services to the county residents.Additionally, audit reports have continued to reveal counties that have not reached their optimal tax revenue levels. Some have attributed the revenue shortfall to low revenue collection capacity and have called upon the Kenya Revenue authority to midwife the process until county capacity is secured. It would seem that these amendments provide the necessary framework and should be viewed alongside the draft DRM policy and draft law developed by the treasury.The Finance Bill seeks to amend the Kenya Revenue Act at section 21 to include a new paragraph:(f) with respect to capacity building and trainingWe view this a key role of the authority as the taxing landscape is very fluid and adaptive strategies to disruptive technology will safeguard the taxing rights of the global south. The African region and its tax authorities are now unequivocal that the region has lost an estimated $1.3 trillion has in the form of illicit financial flows since 1980. We strongly align ourselves with this amendment as continuous adaptive training and capacity building will tap into underutilized taxing rights while the tax authority initiates new taxes with every annual Finance Acts and to the detriment of the individual and corporate taxpayer. Caution is advised on possible duplication of the role of KESRA and the proposals of this amendment.Restrictions on Suing the KRAThe bill would reduce the statute of limitations on bringing suits against the KRA to 12 months from the date an action arose or six months from the date of damage or injury.? Further, it creates a requirement to give the Commissioner General a month’s notice before commencing a suit against the government.AnalysisMost governments provide for some kind of forum for taxpayers to address what they believe to be the improper assessment of a tax against them.? The forum may take the form of an administrative action, or of a lawsuit, or of a choice of one or the other.? The challenge is how to make such a forum readily available without undue burden on the government.Questions:?1.Does the proposal curtail taxpayers’ right to legal redress?2.Does the proposal follow best practices?Analysis and Comment – Most governments provide for some kind of forum for taxpayers to address what they believe to be the improper assessment of a tax against them.? The forum may take the form of an administrative action, or of a lawsuit, or of a choice of one or the other.? The challenge is how to make such a forum readily available without undue burden on the government.Does this curtail taxpayers’ rights?To some degree, the imposition of a statute of limitations on bringing a lawsuit curtails the rights of potential litigants to redress.? The statutes are typically viewed as useful in cutting off stale claims that may be difficult to litigate fairly given their age.? They also are viewed as a way of weeding out claims that may not be particularly worthy of consideration.? The issue of how short the period of limitations should be is one of judgment.? In our opinion, the choice here seems to abs be too short.? Many aggrieved taxpayers may not even realize that they have a redressable claim with the shortened period.? The requirement to give one month’s notice to the government before making a claim is appropriate in that it will permit the government to address a legitimate claim thus avoiding needless litigation.??Best practicesCounties have adopted a variety of practices in permitting taxpayers to address grievances with the taxes being assessed against them.? I believe the best practice is to provide a simple and speedy administrative appeals process before an autonomous body to resolve grievances prior to the imposition of a formal lawsuit.? Disputes that cannot be so resolved then can be taken to court.? I believe the U.S. system for handling court cases is a good one.? A U.S. taxpayer can choose between paying a disputed tax first and then taking the case to a regular federal district court or filing suit in a specialized tax court before paying the disputed tax.? This system may be too elaborate for some countries.? If this is the case, we would opt for bringing suit in a specialized tax court prior to payment of the disputed tax.? An important caveat to this recommendation is that the tax court should be independent of the government taxation unit.Recommendations and conclusion.It is worth to note that most changes in the Finance Bill, 2020 were proposed in the Tax Amendment Act and were rejected by Parliament. This time round the question will be on how the MPs will vote on those proposals and more so what will be their justification if at all they will depart from their previous decision during the debate of the Tax Amendment Bill which is now an Act.Parliament should cushion the common from the effects of increment of prices on commodities like cooking gas, stoves & domestic nonelectric appliances which were previously exempted from the proposed 14% VAT.In the spirit of promoting the big 4 agenda and most specifically affordable housing, the National assembly should shoot down the proposal to have income through the House Ownership Savings Plan subjected to income tax.We propose that parliament should consider the current Covid-19 situation and come up with prudent measures that will cushion Kenyans against its effectsTable 1: Government Revenue and External Grants, period ending 31st December, 2019?(Ksh. Million)2018/2019Actual2019/2020Deviation KShDeviation in PercentageActualTargetTotal Revenue(a+b)Ordinary revenueImport dutyExcise DutyPAYEOther Income TaxVAT LocalVAT ImportsInvestment RevenueTraffic RevenueTaxes on Int. Trade & Trans. (IDF Fee)Others(b) Appropriation in Aido/w Railway Development Levy794,653722,28351,70191,723180,367145,176109,41884,43324,4041,88011,50721,67472,37010,548930,374857,86251,551103,377205,266162,163119,88791,65786,6651,95713,73021,60972,51211,6341,059,304946,24463,360127,893218,024185,329121,221103,37195,7102,18715,59623,553113,06013,979(128,929)(88,382)(11,809)(24,516)(12,759)(13,166)(1,334)(11,714)(9,045)(230)(1,866)(1,943)(40,548)(2,345)(12.17)(9.34)(18.64)(19.17)(5.85)(7.51)(1.10)(11.33)-(10.50)(11.97)(8.25)(35.86)(16.77)(c) External GrantsTotal Revenue and External Grants8,829803,48210,147940,52216,5121,075,816(6,365)(135,294)(38.55)(12.58)Total Revenue and External Grants as a percentage of GDP8.599.0610.36-Source: Quarterly Economic and Budgetary Review FY 2019/2020 ................
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