A demand by the government on alcohol manufacturers to remit excise duty within 24 hours to the Kenya Revenue Authority (KRA) pushed East African Breweries PLC to rely on short-term loans from commercial banks to service up to half of its excise obligations.
This follows an amendment to the Finance Act 2023 on the Excise Duty Act that compelled beer manufacturers to remit excise duty collections to the taxman within 24 hours after moving goods from the stockroom.
