Engineering Post Report
As many as 13 Special Economic Zones (SEZs) are planned to be established in different parts of the country for accelerating industrial progress and development, boosting national economy which has been adversely hit by Corona Virus , creating employment opportunities and make hopefully substantial contribution towards elimination of poverty.
Development of Special Economic Zones warrant provision of basic utilities, liberal incentives, infrastructure and investor facilitation services, adoption of information and communication technologies and modern technologies to enhance productivity and reduce cost of doing business for industrial and economic development of the country at large.
Board of Investment as Secretariat for SEZs and it has so far approved/notified 13 SEZs which are: M3 Industrial City Faisalabad; Value Addition City Faisalabad; Quaid-i-Azam Apparel Park Sheikhupura ; Korangi Creek Industrial Park;Bin Qasim SEZ; Khairpur SEZ;Hattar SEZ;Rahim Yar Khan SEZ; Bhalwal Industrial Estate; Oil Village SEZ Rawalpindi;Rachna Industrial Park,and; Rashakai SEZ (CPEC).
Fiscal incentives which the federal government has provided in the SEZs are one time custom duties exemption on plant and machinery and Income Tax exemption for 5 years for the developers and one time custom duty exemption on plant and machinery and Income Tax exemption for 10 years for units which have gone into production by end June 2020 and for 5 years for the units starting production thereafter.
