Govt declares 10-year tax holiday for Gwadar Export Processing Zone

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ISLAMABAD: The government has decided to provide ten-year tax holidays for Gwadar Export Processing Zone, Federal Minister for Industries and Production announced it during a press conference here on Wednesday.

The cabinet has approved awarding tax holidays for industrial units to be set up in Gwadar. The zone would be established over 46,000 acres areas where industrial units, hotels, warehouses and others would be established.

There would be zero percent sales tax on construction materials and stamp duty will also be exempted. Terming the development of Gwadar Port development as landmark achievement of the present government, he claimed that capacity of the Gwadar port was more than Karachi Port.

It would enhance Pakistan’s trade with China, Russian States, Middle East, Afghanistan, Iran and others. He said that trade centres would be established at Gwadar port, which would enhance trade and economic activities in Balochistan that ultimately would help in removing their deprivation.

About fertilizer meeting held today, the minister claimed that the government decided to provide Rs 20.88 billion subsidy on imported and locally manufactured urea fertilizers for Kharif Crops. Among the total Rs 14.38 billion would be provided to local manufacturers of urea fertilizers in the form of subsidy on gas and Rs 6.5 billion subsidy would be provided on imported urea fertilizers. The price of imported urea fertilizer was Rs 1200 per 50 kg bag and the government would provide Rs 500 per bag subsidy.

The minister told reporters that 19.246 million acres area was brought under cultivation for Kharif Crops including cotton, sugarcane, rice, maize and others Three million tonnes urea fertilizers was required for cultivation on this area.

About 2.55 million tonnes urea fertilizers would be produced locally and 0.45 million tonnes would be imported. The government has already imported 164,000 tonnes while tenders have been open for 255,000 tonnes for which letters of credit would be open soon. “We are importing extra commodity in order to avert any possible risk of shortage,” he added.

He requested the growers not to make panic and ensured that it was duty of the government to ensure availability of urea fertilizer in the country. The minister claimed that the panic would create black marketing, however, he cleared that retail price of urea fertilizer would be Rs 710 per 50 kg bag.

Answering a question, the minister said the government was taking appropriate measures to stop smuggling of the commodity, as its price at international level was higher as compared with price in Pakistan.

Source: Daily Times

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Govt declares 10-year tax holiday for Gwadar Export Processing Zone
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