by CAF - Bob Kirke
, posted on 7:53 AM, July 13, 2010
On July 12, 2010 Royal Assent was finally given to the Budget Implementation Act, which among other things finalized the schedule for the elimination of duties on raw materials, originally announced in the 2010 Budget.
Tariff cuts that are being phased in over several years are now formally locked in. Companies that import raw materials can now cost their products accurately.
For more information on textile tariffs contact CAF Executive Director Bob Kirke at email@example.com.
Textile tariff cuts announced in the Budget represent an annual savings of over $30 million for apparel manufacturers immediately and when fully phased in they will represent annual savings of approximately $65 million.