Textiles Tax Stamp to increase profit in the sector - Trade and Industry Minister

Ghana has introduced a new textile tax stamp to regulate the importation and licit trading of textiles to ensure that the right taxes are paid to the state. At the launch of the policy in Accra on Wednesday, the Minister for Trade and Industry, Alan Kwadwo Kyeremanten, stressed that the tax stamp was not a new tax that was being introduced but was a government initiative to increase the sector’s profitability. Mr. Kyerematen added that policy also formed part of the ministry’s initiatives to revamp and restructure the textiles industry and to ensure that the appropriate taxes were paid on fabrics imported into the country. To achieve this, the ministry has designated entry points for the importation of textiles at Tema, Takoradi, and Aflao. “We are poised to revamp the textile industry via these new measures being rolled out to make the industry vibrant and more profitable as it was some years back,” he added. The National President of the Textiles Traders Association, Madam Christiana Laryea, commended the ministry for the initiative and promised that the association would work with it to revitalize the sector. She, however, appealed to the ministry to continue engaging and sensitizing traders about the initiative to fully comply. The Ministry of Trade and Industry in partnership with the Ghana Revenue Authority will lead the exercise effective November 1, 2022.

Ghana has introduced a new textile tax stamp to regulate the importation and licit trading of textiles to ensure that the right taxes are paid to the state. At the launch of the policy in Accra on Wednesday, the Minister for Trade and Industry, Alan Kwadwo Kyeremanten, stressed that the tax stamp was not a new tax that was being introduced but was a government initiative to increase the sector’s profitability. Mr. Kyerematen added that policy also formed part of the ministry’s initiatives to revamp and restructure the textiles industry and to ensure that the appropriate taxes were paid on fabrics imported into the country. To achieve this, the ministry has designated entry points for the importation of textiles at Tema, Takoradi, and Aflao. “We are poised to revamp the textile industry via these new measures being rolled out to make the industry vibrant and more profitable as it was some years back,” he added. The National President of the Textiles Traders Association, Madam Christiana Laryea, commended the ministry for the initiative and promised that the association would work with it to revitalize the sector. She, however, appealed to the ministry to continue engaging and sensitizing traders about the initiative to fully comply. The Ministry of Trade and Industry in partnership with the Ghana Revenue Authority will lead the exercise effective November 1, 2022.