ISLAMABAD – Export Processing Zones Authority (EPZA) has registered a credible performance during 2009-10. It has published its first ever Year Book for 2010, a press release notified. Exports rose by 14 percent and tax revenues increased by 14 percent.
Investment of surplus funds was boosted by 11 percent. The most impressive growth was in foreign investment which was ramped up by 60 percent. Federal Minister for Industries and Production Mir Hazar Khan Bijarani has expressed his satisfaction at the performance of EPZA and congratulated the administration of EPZA for publishing its first ever Year Book-2010 which is very informative and carries guidelines for both investors and industrialists.
He went on to say that the body is contributing to the economy by attracting foreign investment, generation of employment and setting up of allied manufacturing industries. He noted that it is constantly diversifying and expanding its operations with commitment to achieve its mandate through sustainable policies and the support of government.
Its mandate is to make arrangements for planning, development and management of the zones and to provide for connected matters or ancillary services. It was stressed that the vision of the authority is to proactively facilitate the investors and create enabling environment for them to enhance export-led manufacturing, trade and investment so as to achieve exports’ target of $1.0 billion by 2015.
At present six export processing zones, KEPZ Karachi, EPZ Risalpur, Saindak EPZ, EPZ Sialkot, Tuwairqi Steel EPZ Karachi and Duddar EPZ are operating. EPZA provides one window operation with simplified procedures, secured environment, customs bonded area and uninterrupted power supply.
Gas is provided by utility company on a priority basis continuous water supply by EPZA, environment friendly atmosphere, easy access to seaport and airports, a skilled and educated workforce, developed land available at competitive rates for 30-year lease, relief from double taxation subject to bilateral agreement, off-shore banking units available to facilitate financial transactions and offices of clearing and forwarding agents within the zone to investors.
EPZA also provide power supply through dedicated grid station up to 50 MW, water supply of one million gallons per day, emergency medical facilities, dedicated security round the clock, fire station and fire hydrants in front of every unit to investors. Moreover, it also offer duty free import of machinery, equipment and materials, freedom from national import regulations, exemption from exchange control regulations of Pakistan, repatriation of capital and profit allowed, no sales tax on input goods including electricity/gas bills, import of duty free vehicles allowed with certain conditions, supply of goods to customs manufacturing bonds allowed and sub-contracting outside the zone.
Inter-transfer of finished goods among the units of EPZ is also permitted. Presumptive tax collected by EPZA at one percent on FOB value of exports as final tax liability. Obsolete/old machinery can also be sold in the local market upon payment of applicable taxes and sale of defective goods/ waste is also allowed in local market up to maximum of three percent of total value upon payment of duties and taxes.
