Safaricom scoops top taxpayer award, its positive impact on the economy still unmatched

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Safaricom
  • 4 weeks ago
  • Posted: March 17, 2021 at 11:30 pm

In this article, I’d talked about Safaricom playing a major role in Kenya’s economic growth and being one of the main key drivers of a dynamic private sector that continues to place Kenya at economic potentiality, with its shares now accounting for 58pc of all NSE stocks, which is huge by the way and signals an important message of confidence the investors have on the telco and its future prospects.

Now Safaricom has proven once again that it plays that major role in the economy by scooping the 2020 top taxpayer award in the country under the Large Taxpayers category by the Kenya Revenue Authority (KRA) today during a ceremony that took place at the Michael Joseph Centre, Nairobi. KRA, the agency responsible for the efficient assessment and collection of revenue (taxes) on behalf of the Government of Kenya, honored Safaricom for its outstanding contribution to the development of our economy through diligent payment of taxes.

Peter Ndegwa, Chief Executive Officer at Safaricom while acknowledging the recognition of top taxpayer, which the company has won for 13 years in a row said this is a result of the telco’s commitment to making a difference by supporting the economy through job creation, duties, and taxes, and meaningful partnerships. In FY20, Safaricom paid Kes 98 billion in duties and taxes, in addition to Kes20 billion in dividends to the Government of Kenya. Over the same period, Safaricom sustained more than one million jobs directly and indirectly and spent Kes 58 billion with local suppliers. In the past 5 years, the firms’ cumulative taxes have amounted to Kes 409 billion, including Kes 95 billion in dividends.

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“We are here today with the blessings of His Excellency the President, to present you with the award for the Top Taxpayer of the year 2020. This award represents His Excellency’s recognition for Safaricom as the Top Taxpayer for having demonstrated highest tax revenue and exceptional compliance in payment and filing across all tax heads,” said Dr. Rispah Simiyu, Commissioner, Domestic Taxes Department, Kenya Revenue Authority.

Safaricom has pledged to continue implementing measures to cushion customers and Kenyans from the negative impact of the COVID-19 pandemic and has in the past contributed more than Kes10 billion in money, goods, and services to the fight against the COVID-19. Its network stability remains a key pillar in supporting the usage in M-PESA, voice, SMS, and data, all aimed at keeping Kenya connected. Safaricom is also committing to support the government during these unprecedented times and urges it to balance revenue recovery with encouraging business renewal and growth as we head to the post-pandemic revival of the economy.

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