Zambia increases customs duty on yarn to promote domestic industry

(3 minutes read)

• Increase in customs duty on yarn made from acrylic fibre to 25 percent from five percent by Zambian government will spur growth of the textiles industry,  according PricewaterhouseCoopers (PwC) senior partner Andrew Chibuye  has said
• Presenting a K172.98 billion 2022 budget, Minister of Finance Situmbeko Musokotwane proposed various changes to the customs duty, excise duty and surtax rates applicable on importation of specified goods.

Increase in customs duty on yarn made from acrylic fibre to 25 percent from five percent by the Zambian government will spur growth of the textiles industry,  according PricewaterhouseCoopers (PwC) senior partner Andrew Chibuye.  has said.
Presenting a K172.98 billion 2022 budget, Minister of Finance Situmbeko Musokotwane proposed various changes to the customs duty, excise duty and surtax rates applicable on importation of specified goods. These measures are aimed at encouraging consumption of locally produced goods and also enhance capabilities of the local producers in respect to the manufacturing of goods. It will also promote domestic value addition and job creation in the textile industry.

In analysing the 2022 budget on the textiles industry, Mr Chibuye said measures proposed were welcome as they would  promote growth of the industry.