Home / Knowledge / News / Textiles / Incentives to textile sector have not reaped dividends

Incentives to textile sector have not reaped dividends

25
Jan '10
Giving tax breaks and incentives to overseas investors, particularly for investments given to the textile industry has not reaped any dividends, lamented the Commissioner of Taxes, Philda Msibi.

The commissioner noted that companies, which received a five-year tax-break, packed their bags and relocated to other countries at the end of the five-year period, from the time when they would need to start paying taxes.

After which the government introduced a new incentive for the textile industry, under which it needed to pay tax at the rate of 10 percent only, while the rest of the industry was imposed 30 percent, still companies shied away from paying taxes.

Msibi also mentioned that those companies which did not pay taxes in Swaziland were doing well by generating good profits from the businesses in their home countries.

Msibi also observed that the African Growth Opportunities Act (AGOA) which entails duty-free access for textile and apparel goods from Swaziland to the US had not been able to deliver on its true potential.

Fibre2fashion News Desk - India


Must ReadView All

Pic: Shutterstock

Textiles | On 31st Mar 2020

UN calls for $2.5-trn rescue package for developing world

The COVID-19 pandemic will drive the world economy into recession...

Pic: Shutterstock

Textiles | On 31st Mar 2020

India to extend foreign trade policy, schemes till Sep 30

India will reportedly extend the existing foreign trade policy...

Pic: Shutterstock

Textiles | On 31st Mar 2020

Bangladesh seeks $1 bn from IMF, WB to face COVID-19

Bangladesh has recently sought $1 billion in support from the...

Interviews View All

Yashiki Gumber, Sahiba Fabrics

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Milind Khandwe, Hindoostan Innovation Centre

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Rajiv Sirohi, Shara

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Luciano Sardini,

Luciano Sardini

A consolidated reality in Italy and internationally, IMA Spa is well-known ...

Nitesh Mittal,

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Ravi Kant Prakash,

Ravi Kant Prakash

A crucial role in the process of fabric manufacturing is played by the...

Melissa Tate, University of New South Wales

Melissa Tate
University of New South Wales

<div><div><div><div><b>Melissa Tate</b>, a well-known scientist currently...

Sameer Sonkusale & Rachel Owyeung, Tufts University

Sameer Sonkusale & Rachel Owyeung
Tufts University

A team at the Tufts University in Massachusetts was recently in news for...

Dave Rousse, INDA

Dave Rousse
INDA

INDA, a global association of the nonwoven fabrics industry, has been...

Silvia Venturini Fendi, Fendi s.r.l

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Aprajita Toor, Aprajita Toor

Aprajita Toor
Aprajita Toor

The creations by Aprajita Toor were born out of a deep desire to create...

Sidharth Sinha, Sidharth Sinha

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


March 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search