Alan John Kwadwo Kyerematen launched the Textiles Tax Stamps Policy for African print in Accra. The policy is aimed at boosting the local textile manufacturing industry of African print and cutting down on pirated and fake imports which are impacting negatively on local production.
The local textiles industry which used to be vibrant and employed more than 30,0000 jobs in the 1970s, today employs only about 5,000 due to fake and smuggled fabrics that have inundated the market.
The tax stamp policy comes into full effect in March 2023. From the 1st of next month, November, 2022, however, textile traders in African print, should begin embossing their current stock with the designated Blue Textile Stamp.
From that day, all locally manufactured textile African prints would be embossed with the designated Green stamp, while imported African prints will be embossed with the designated Red stamp.
A task force will be sent around the markets to ensure full compliance with the new regulations from March 2023 as any African print without a textile stamp would be deemed as smuggled into the country.
The textile stamp policy is aimed at raising the productive capacity of local manufacturers and boosting employment. It is not a new tax to increase the burden of the citizenry.
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