Senate body approves Economic Zones Bill


Senate Standing Committee on Law, Justice and Parliamentary Affairs Wednesday approved “The Special Economic Zones Bill, 2010” with minor amendments, which included inclusion of two members of the parliament to be nominated by the Prime Minister in the Board of Approval (BOA) and that decisions of the BOA shall be taken by 51 percent of its total strength. Senator Muhammad Kazim Khan chaired the meeting held at the parliament house.
There shall be established for each province and for Islamabad Capital Territory an authority to be known as the Special Economic Zone (SEZ) Authority. The Zone developer would be entitled to concessions like exemptions from all taxes on all imported capital goods for development, operation and maintenance of the SEZ. Exemption from all taxes on income accruable in relation to the development and operation of the SEZ for a period of 10 years, starting from the date of signing of the development agreement. Any person having 50 acres of land in any part of the country can apply for SEZ without any restriction.