Textile industry welcomes Tax stamp policy

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The Ghana Textile industry has welcomed the decision by the government to extend the tax stamp policy to textiles.

According to the industry, the stamps will compel smugglers of the product to pay taxes even if they manage to smuggle it in.

The finance minister announced in the 2019 budget that is embarking on the stamp move in the textile industry in order to save jobs in the sector.

“Ghana used to have a textile industry that employed around 30, 000 people, but in recent years the industry has fallen on hard times, and now the number employed is only around 5,000. It is Government’s aim to help revive this industry, which could be a big source of employment. So, in order to curtail smuggling and counterfeiting, which have been undermining the industry, we will extend the tax stamp policy to the textile products. Further, to make industry price-competitive, Government will zero-rate VAT on the supply of locally made textiles for a period of three years,” Ken Ofori Atta noted.

Speaking on the initiative, Seth Mawunyega, Chairman of the Textiles Industry said they are hopeful the action by the government will save the industry.

“We are happy to hear that there is some allocation for us in the budget. It is good to know that the tax stamp will be introduced into the textiles industry. Those who smuggle items into the system can easily be identified. We hope that whatever stated in the budget will be fulfilled. When fulfilled, we will be on our way to revival as an industry,” he told Francis Abban on the Morning Starr Friday.

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