ISLAMABAD, (APP): Special Economic Zones (Amendment) Bill passed in NA
The National Assembly on Thursday passed the Special Economic Zones (Amendment), Bill, 2016 aimed at making the Special Economic Zone (SEZ) regime more investment and business friendly and encourage development of SEZs in vaiours parts of the country.
State Minister for Parliamentary Affairs Sheikh Aftab Ahmed moved the bill to further amend the Special Economic Zones Act, 2012 [The Special Economic Zones (Amendment) Bill, 2016] in the House.
"The statement of objects and reasons says that Special Economic Zones Act, 2012 was promulgated to encourage industrial infrastructure in the country. The purpose was to facilitate domestic and foreign investors to invest in manufacturing sectors of Pakistan offering them special exemptions and inventive leading to reduced cost of doing business with efficient infrastructure."
The said legislation would also provide opportunity to investors for importing duty free plant, machinery and equipments besides income tax holidays of 10 years for zone developers as well as zone enterprises.
The Amendment in the Ordinance will make the SEZ regime more investment and business friendly and encourage development of SEZs in Pakistan. Such investor friendly legislation would also encourage rapid industrialization and economic activity in the country leading to job creation, technology transfer and development of industrial infrastructure.