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Egyptian govt to introduce steps to protect textile industry
21 Nov '11
1 min read
The Government of Egypt will soon introduce steps to protect its local textile industry. For the purpose, the Customs Duty Authority will meet this week and consider revision of taxes and duties on textile goods, the authority's Director Ahmed Seoudy has announced.
The Union of Industries and the Ministry of Industry had urged the Finance Ministry to introduce measures to safeguard the domestic industry.
Mr. Seoudy listed some such measures which include revising the volumes of imported fabrics, which have been exempted from customs for the time being, to bring them in lines with the actual needs of the units.
He also recommended curtailing the grace period for re-selling the fabrics before they become liable to customs duty, from two to one year.
He stated that all transactions relating to raw inputs required for production would be closely monitored to avert these goods from entering the black market.
Further, he revealed that no rise in duties would be announced beforehand, in order to preclude the dealers from stockpiling the commodities for selling the same at higher prices in future.
The Union of Industries and the Ministry of Industry had urged the Finance Ministry to introduce measures to safeguard the domestic industry.
Mr. Seoudy listed some such measures which include revising the volumes of imported fabrics, which have been exempted from customs for the time being, to bring them in lines with the actual needs of the units.
He also recommended curtailing the grace period for re-selling the fabrics before they become liable to customs duty, from two to one year.
He stated that all transactions relating to raw inputs required for production would be closely monitored to avert these goods from entering the black market.
Further, he revealed that no rise in duties would be announced beforehand, in order to preclude the dealers from stockpiling the commodities for selling the same at higher prices in future.
Fibre2fashion News Desk - India
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