A fresh audit report has revealed that five out of the hundreds of religious institutions in Kenya are now in the Kenya Revenue Authority’s list of top taxpayers in the country.
The richest church raked in over KSh 1 billion in annual returns and went head-to-head with some of the biggest companies and organisations in the country in terms of taxable income generated annually.
Correspondent established most of the filthy rich churches invested heavily in different sectors of the economy such as health, education and real estate.
The investments were understandably made possible by generous membership contributions including tithes and offerings.
Below is the list of the top five richest churches in Kenya as compiled by Correspondent.
1. Christ is the Answer Ministries (CITAM)
CITAM maintained its top spot after generating an annual income of KSh 1.83 billion in 2017, a 22% improvement from KSh 1.5 billion recorded in the previous year.
The church reportedly has 15 branches across the country.
2. Nairobi Chapel
The Nairobi Chapel church raked in a total income of KSh 632.33 million in 2017, a significant jump from KSh 434.57 million reported in 2016.
3. Mavuno Church
Mavuno Church emerged third with a total annual income of KSh 291 million. Correspondent understands the church is yet to release its latest audit report.
4. All Saints Cathedral
All Saint’s Cathedral, the largest Anglican Church in Kenya, came fourth with a total income of KSh 240.91 million in 2017, an improvement from KSh 222.95 million in 2016.
The ACK is the second largest after the Catholic Church in terms of the number of followers.
5. Nairobi Baptist Church
Nairobi Baptist Church closed the list of top five with a total annual income of KSh 163 million.
Although the religious institutions in Kenya are exempted from most taxes under the Non-Governmental Organisations and Co-ordination Act, they are expected to final their annual returns for all business-related activities.