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1、INTERNATIONA1.MONETARYFUNDIMFCountryReportNo.24/14KENYASE1.ECTEDISSUESJanuary2024ThispaperonKenyawaspreparedbyastaffteamoftheInternationalMonetaryFundasbackgrounddocumentationfortheperiodicconsultationwiththemembercountry.ItisbasedontheinformationavailableatthetimeitwascompletedonDecember22,2023.Cop
2、iesofthisreportareavailabletothepublicfromInternationalMonetaryFundPublicationServicesPOBox92780Washington,D.C.20090Telephone:(202)623-7430Fax:(202)623-7201E-mail:publicationsimf.orgWeb:Price:$18.00perprintedcopyInternationalMonetaryFundWashington,D.C.2024InternationalMonetaryFundDecember22,2023Appr
3、ovedByAfricanDepartmentINTERNATIONA1.MONETARYFUNDKENYASE1.ECTEDISSUESPreparedByValerioCrispoltiandSouvikGupta(bothAFR),andSybiHida(FAD),undertheguidanceofHaimanotTeferra(missionhead,AFR)assistedbyMireilleNsanzimanafFrancineNyankiye,andFernandoMoranArce(allAFR).CONTENTSBENCHMARKINGTAXPERFORMANCEINKEN
4、YA4A. AnatomyofTaxPolicyandAdministrativeChangesinEACCountries4B. Conclusion13FIGURES1. Tax-to-GDPRatio52. CompositionofTax-to-GDPRatio53. Tax-to-GDPRatios54. FrequencyofTaxPolicyandAdministrativeChangesbyTaxTypeandCountryOver1988-202295. NetFrequencyofTaxPolicyandAdministrativeChangesbyTaxTypeandCo
5、untryOver1988-2022106. ShareofTaxMeasuresinaPackage117. CompositionofTaxPackages118. Co-occurrenceofChangestoTaxPolicyandAdministrativePracticesinReformPackagesbyTypeofChangeOver1988-2022129. FrequencyofTaxPolicyandAdministrativeChangesbyTypeofChangeOver1988-20221310. NetFrequencyofTaxPolicyandAdmin
6、istrativeChangesbyTypeofChangeOver1988-20221311. NetFrequencyofTaxPolicyandAdministrativeChangesOver2009-2214TAB1.ES1. FrequencyofTaxPolicyandAdministrativeChangesinEACCountries*EconomiesOver1988-2022_72. FrequencyofTaxPolicyandAdministrativeChangesbyTaxTypeOver1988-20228APPENDIXI.TablesandFigures15
7、ASSESSINGPUB1.ICSECTORBA1.ANCESHEETVU1.NERABl1.rnES23A. Introduction23B. APublicSectorBalanceSheetApproach25C. MethodologyandCoverageforKenya,sPSBS29D. PublicSectorBalanceSheetsandFiscalPolicyAnalysis33E. Caveats35F. ConclusionandRecommendations35BOX1. FiscalStatistics24FIGURES2. CurrentCoverageofPu
8、blicSector263. BudgetDeficit264. PublicSectorCompensationofEmployees,FY201920-202223275. GeneralGovernmentCompensationofEmployees,Average2017-21,andforKenyaFY202223276. SAGAs/SCsProfitand1.oss,FY202122287. SAGAs/SCsProfitand1.oss,FY202223288. CoverageofthePublicSectorBalanceSheet309. PublicSectorBal
9、anceSheetzFY2022233110. PublicSectorNetWorthofSelectedCountries,VaryingYears3211. PublicSectorBalanceSheet33TAB1.E1.DividendsandTaxesPaidbySAGAsandPublicCorporations27ANNEXESI.HMTreasury,UnitedKingdom:PublicSectorBalanceSheetFramework3811.EstimatedPublicSectorBalanceSheetMethodologyandSourceofDataon
10、Kenya40References42QUANTIFYINGEXCHANGERATEPASSTHROUGHTOINF1.ABON43A. Introduction43B. EstimationandOutput44C. Conclusion49FIGURES1. ExchangeRates432. HeadlineInflation433. AccumulatedResponseofInflationtoExchangeRateShock464. HeadlineInflationStructuralVarianceDecomposition465. ExchangeRatePassthrou
11、ghEstimatesUsingRollingRegressions476. AccumulatedResponseofInflationtoExchangeRateShocks487. CumulativeResponseofPolicyRatetoInflationShock498. PolicyRateStructuralVarianceDecomposition49ANNEXI.TechnicalAnnex50References54BENCHMARKINGTAXPERFORMANCEINKENYA1Thisnoteexaminestaxpolicyandadministrativec
12、hangesinEasternAfricanCommunity(EAC)countrieswithaviewtobenchmarkKenyasexperienceanddrawlessonsforfuturetaxreforms.UsinggranulardatafromanewIMFdatabaseontaxmeasuresannouncedduring1988-2022,itconcludesthatEACpolicymakersfrequentlychangedtheirtaxsystemandadministrationsbyannouncingtaxpackagesthattypic
13、allyconsistedofmeasurestonarrowthetaxbase(e.g.lexemptions,deductions)andstrengthentaxadministrativepractices(e.g.,electronicpayments,taxcompliancestrategy).KenyaappearedtobeoneoftheEACcountriesthatmostfrequentlyannouncedandintroducedsuchchanges,whichmighthaveplayedasignificantroleinexplainingtheredu
14、ctioninthetax-to-GDPratioexperiencedbythecountrysince2014.Theconclusionsofthisnotearesubjecttocaveatsasthefrequencyoftaxmeasuresisnotanindicatoroftheactualrevenueimpactofsuchmeasures.1.ookingatthefrequencyofchanges,however,canhelpidentifyreformepisodesprovidingasenseoftheirdurationandcomprehensivene
15、ss.A.AnatomyofTaxPolicyandAdministrativeChangesinEACCountries1. Kenya,stax-to-GDPratiohasbeenonadownwardtrajectoryoverthepastdecade(Figure1).Afterreachingapeakat15.5percentofGDPin2014,taxrevenuessteadilyfellto13.1percentofGDPin2020mainlyreflectingthedeclineinincometaxesfrom8.0percentofGDPin2014to6.5percentofGDPin2020(Figure2).Duringthepandemic(2020-22)thetaxratioinitiallyfellfurtherincludingduetotheintroductionoftaxbreakstocushiontheimpactoftheshockontheeconomyandthenstartedreboundingastheauthoritiesbroadenedthetaxbaseconsistentwiththeobjectivesofthecurrentEFF/ECFarrangementswithKenya(approve
