FABRIC prices have spiked after government increased import duty on polyester in a bid to protect local industries, The Financial Gazette has learnt. Depending on the composition and type of fabric, the customs duty was increased to range between 10 percent and 30 percent, plus US$2.50/Kg. Taungana Ndoro, Zimbabwe Revenue Authority spokesman said: “...the duty on polyester fabrics increased after the promulgation of Statutory Instrument 163 of 2017, which came into effect on January 1, 2018.” “This is besides the levying of value added tax at 15 percent,” he said. Raymond Huni, Zimbabwe Textiles Manufacturers Association secretary-general, said the duty hike was based on an old statutory instrument that had not been implemented by Zimra. “Zimra has been sitting on…