• Linkdin
Your go-to source for news, anytime, anywhere! Insightful industry information from the textile, apparel & fashion world with our news app Download Now Your go-to source for news, anytime, anywhere! Insightful industry information from the textile, apparel & fashion world with our news app Download Now
Your go-to source for news, anytime, anywhere! Insightful industry information from the textile, apparel & fashion world with our news app Download Now Your go-to source for news, anytime, anywhere! Insightful industry information from the textile, apparel & fashion world with our news app Download Now

Ghana textile industry to grow with 3 years VAT exemption

09 Jan '19
1 min read

The Ghana government's decision to zero-rate Value-Added Tax (VAT) on the supply of locally manufactured textiles for three years is a boost to the industry. Albeit the policy is likely to cost the government around GH¢40.1 million annually, the announcement is a respite to the people dealing in the textiles business, awaiting the tax exemption since long.

Reducing the cost of production, the local textile industry will grow gradually, thus increasing employment opportunities in the country, Ghanaian media reports said. By the end of three years, the local industry will be well-equipped to beat the competition from the international market.

The expected loss will be offset by the associated revenue from corporate profits, taxes from employees and other stakeholders in the supply chain of locally manufactured textiles. (RR)

Fibre2Fashion News Desk – India

Leave your Comments

Esteemed Clients

TÜYAP IHTISAS FUARLARI A.S.
Tradewind International Servicing
Thermore (Far East) Ltd.
The LYCRA Company Singapore  Pte. Ltd
Thai Trade Center
Thai Acrylic Fibre Company Limited
TEXVALLEY MARKET LIMITED
TESTEX AG, Swiss Textile Testing Institute
Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)
Taiwan Textile Federation (TTF)
SUZHOU TUE HI-TECH NONWOVEN MACHINERY CO.,LTD
Stahl Holdings B.V.,
X
Advanced Search