Kenya Revenue Authority (KRA) and Keroche Breweries Limited (Keroche) have agreed on a payment plan on taxes owing, and not in dispute from Keroche.
The payment plan, which is contained in an addendum agreement to the two (2) Alternative Dispute Resolution Agreements signed between the two (2) parties in 2021 was arrived at and signed on 14th March, 2022 after week-long negotiations.
“The addendum agreement now sets the stage for the reopening for production of the Naivasha based brewery which will see Keroche settle an undisputed tax amount of Kshs. 957 million over a period of twenty four (24) months starting from January, 2022″ read part of the statement.
The agreement which flows from earlier Alternative Dispute Resolution processes will see the rest of the taxes owing from Keroche dealt with as was agreed between the two (2) parties in the Alternative Dispute Resolution Agreements already signed.
Consequently, KRA will also lift the agency notices issued to 36 banks which had blocked Keroche Breweries from accessing finances from lenders to help it boost business operations in the country.