Relief for Lesotho's rag trade.
The finance ministry has also sliced 10% off its rate of general company tax as a means of further boosting clothing exports. The rate, down from 35% to 25%, is designed "to put an end to firms' advantage of the lower rate in South Africa to further improve Lesotho's competitiveness". The new rates will come into effect this month. Lesotho is sub-Saharan Africa's largest exporter of clothing to the US.
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|Title Annotation:||taxes were cut on clothing exports|
|Article Type:||Brief article|
|Date:||Apr 1, 2006|
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