Finance minister Njeru Githae has said he will table the 2012/2013 Budget Policy Paper next week on Thursday 14th of June. This has come at a time when the country is experiencing weak currency against major world currencies.

Githae projects that tax revenues in the financial year 2011/2012 will be 14% higher than those of the financial year 2010/2011, which stood at Ksh.569.2 billion.

According to Githae’s comments in parliament yesterday, total tax revenues will be around Ksh 648.89 B. This amount will be Kshs. 32 billion less than the initial budget target and 10 billion less than the revised budget.

Treasury plans to implement the Ksh. 1.4 trillion budget through increase in tax collection by the Kenya Revenue Authority (KRA). Amendments in the Value Added Tax Act if implemented will remove zero rates and then lower 12% rate which will see increase in tax collected on the initially exempted items.

All East African countries will be reading their budget policy papers on the same day according to the financial policy agreement made in 2010.