Post Reply 
 
Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
Gawadar Export Processing Zone not approved
09-24-2008, 07:26 AM
Post: #1
Gawadar Export Processing Zone not approved
ISLAMABAD: The government has refused to accord approval to Gawadar Export Processing Zone (GEPZ) seeking huge incentives including 20 years tax holiday, saying that the government wants to end the tax exemption culture from the country.

“The decision to refuse the Gawadar Export Processing Zone (GEPZ) with huge incentives came in a meeting of the Economic Coordination Committee (ECC) held here on Tuesday with Prime Minister Syed Yousaf Raza Gillani,” a senior official who attended the meeting told The News.

He said, “The Ministry of Industries and Production had submitted a summary to the ECC for approval of a lucrative package of incentives to attract investment for the GEPZ. In the meeting, Governor State Bank of Pakistan Dr Shamshad Akhtar and Chairman FBR Waqar Ahmad strongly opposed the proposal seeking huge tax exemptions, arguing that if it goes on with the same exemptions, then who will pay the tax. They said that there is a dire need to expand the taxation base in the country.”

In the summary, Ministry of Industries also sought the permission for export of production from the zone to tariff area of the country up to 80 per cent on the payment of normal duties. The package also included zero-rated sales tax on supply of construction materials to the GEPZ investors or development of zone infrastructure. It also included exemption from stamp duty and exemption from import policy orders issued from time to time.

The official said that the ECC also did not subscribe the view of the Ministry of Industries, rather the meeting constituted a committee comprising Advisor to Industry, Deputy Chairman Planning Commission and top officials of the Ministry of Finance and FBR. The committee would look into the demand and furnish its own recommendations in this regard, which would be taken up in the next meeting of the ECC.

In addition to this, ECC also gave a green signal to Fatima fertilisers for 75 mmcf per day gas for its plant that is to be operational on November 2009. The official said that Fatima Fertilisers also sought 35 mmcf per day gas to run its plant on full capacity to produce 1.58 million tonnes of fertiliser, as under the existing allocation it can only produce 1.068 million tonnes of fertiliser.

However, the officials from Ministry of Water and Power sought the allocation of the same amount of gas for 100MW of power plant installed by the same Fatima fertiliser company near Okara. On this, the ECC meeting again constituted a committee consisting of Advisor to Industries, Deputy Chairman Planning Commission, and Ministry of Water and Power to look into the matter and come up with a feasible solution.

http://www.thenews.com.pk/daily_detail.asp?id=137547
Quote this message in a reply
Post Reply 


Possibly Related Threads...
Thread: Author Replies: Views: Last Post
  Finance Minister Unveils Export-Import Bank (EXIM) in Islamabad LRE-Azan 0 488 12-22-2023 06:36 PM
Last Post: LRE-Azan
  DHA Gujranwala Unveils Exciting Developments for Commercial Zone-3 and Executive Bloc LRE-Azan 0 526 12-11-2023 04:25 PM
Last Post: LRE-Azan
  FBR Urges Expedited Processing of Sales Tax Refunds LRE-Azan 0 462 10-20-2023 05:09 PM
Last Post: LRE-Azan
  RUDA’s industrial zone emulates measures to fight pollution LRE-Azan 0 998 01-18-2023 02:57 PM
Last Post: LRE-Azan
  ISLAMABAD News : CDA likely to approve establishment of economic zone near Rawat LRE-Azan 0 914 01-16-2023 07:33 PM
Last Post: LRE-Azan
  Illegal occupation of a Vast Piece of Land in Zone-III Near to Sector D-12 of the Cap LRE-Azan 0 5,142 11-07-2017 04:47 PM
Last Post: LRE-Azan
  Globiz Avenue Housing Scheme Gawadar – NAB Public Announcement for Affectees Salman 0 7,816 03-29-2014 05:41 PM
Last Post: Salman
  CDA mulls shifting industrial zone Salman 0 4,750 02-26-2014 10:33 PM
Last Post: Salman
Smile Gawadar Industrial Estate Development Authority Newspaper Ad Salman 0 5,392 02-26-2014 10:16 PM
Last Post: Salman
  MoU for establishing $2b garments zone signed CMY 0 4,709 01-16-2014 09:19 AM
Last Post: CMY
  Garments industrial zone renamed Punjab Apparel Park CMY 0 4,350 01-16-2014 09:11 AM
Last Post: CMY
  Punjab initiates Rs70 bn land deal for economic zone Salman 0 8,169 09-07-2013 07:04 PM
Last Post: Salman
  Pakistan plan to establish Gawadar Special Economic Zone Salman 0 5,830 06-18-2013 12:18 PM
Last Post: Salman
  Ill-planned construction continues in Zone-IV despite new regulations Salman 0 4,996 07-16-2012 12:39 PM
Last Post: Salman
  Rs. 28 bn approved for CDA budget Salman 0 3,797 06-21-2012 12:35 PM
Last Post: Salman
  10 new graveyards approved Salman 0 4,197 04-18-2012 01:47 PM
Last Post: Salman
  10 new graveyards approved Salman 0 4,144 04-18-2012 01:44 PM
Last Post: Salman
  Turkey can be used as bridge for export to EU: Secilmis Salman 0 4,068 04-11-2012 12:30 PM
Last Post: Salman
  Thar coal field a special economic zone: Marri Salman 0 4,681 04-07-2012 12:47 PM
Last Post: Salman
  TDAP organises workshop on export procedures Salman 0 3,686 03-16-2012 02:51 PM
Last Post: Salman

Forum Jump:


User(s) browsing this thread: 1 Guest(s)