The customs duty authority is meeting next week to revise tariffs and duties on textile products with a view to protecting the domestic textile industry, the authority’s director Ahmed Seoudy said.
The Ministry of Industry and the Union of Industries had officially asked the Finance Ministry to come up with measures to protect the sector.
“One such measure is to recalibrate the quantities of imported fabrics that are temporary exempted from customs, to put them in accordance with the real needs of the factories,” Seoudy explained. “Also, to reduce the grace period for selling the fabrics from two years to one year before they bear customs duties.”
“Moreover, we would closely supervise all production requirement materials so as to prevent them entering the black market,” he added.
Seoudy also said that no duty increases would be announced in advance, so as to prevent dealers from hoarding commodities and selling them later at higher prices.
Translated from the Arabic Edition