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Ghana textile industry to grow with 3 years VAT exemption

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.

About Kohan Journal

Kohan Textile Journal is the leading magazine for the Textile industry, Textile machinery, Synthetic Fibers and Nonwovens in MENA region (the Middle East and North Africa) and is published every two months. It basically emphasizes on textile machinery, textile products, carpet and synthetic fibres distributed among the factories, manufacturers, and traders of floorcovering industries.l

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