Despite the slight drop in production, the drop in tea prices is attributed to the high volumes of tea that continue to be delivered to the auction from the region, in addition to the global oversupply of tea
The tax, which was introduced through the Finance Act of 2020, will see companies remitting one percent of their gross turnover every month to the taxman, and will be applied indiscriminately to firms whether or not they have posted a profit over the period
The AGMs were lined up to begin on Monday, November 9. They come at a time when the agency has been locked in a fierce battle with Agriculture Cabinet Secretary Peter Munya over proposed tea sector regulations.
Appearing for the 54 Tea Factory Companies, Senior Counsel Fred Ngatia held that the factories were registered private limited liability companies under the Companies Act; and which were entitled to the rights pertinent to such registration