Gwadar Announced as Tax Free – Latest Update
Gwadar Port and Gwadar Free Zone has been officially announced Tax Free now. Gwadar is now become an ideal place for business entities as government has approved tax relief measures for the realm. Economic Coordination Committee (ECC) has endorsed the proposal for required amendments and exemptions in several tax laws for Gwadar Port and Gwadar Free Zone.
Ease of Doing Business in Gwadar Port and Gwadar Free Zone
On Wednesday August 29, Pakistan has approved the pending tax concessions for Gwadar Port and its free zone. Previously FBR has some objection to give Gwadar Port and Free Zone tax exemptions over fear that the tax exemption will adversely impact other business zones of country.
Now Ministry of Law established that China Overseas Ports Holding Company Limited (COPHCL), its subsidiaries and their contractors were entitled to the tax holiday for 23 years. After this approval by Ministry of Law, FBR Has withdrew its objections on granting tax exemption to Gwadar Port and Gwadar Free Zone.
The ECC approved a proposal regarding necessary amendments and exemptions in the Income Tax Ordinance, Sales Tax Act and Customs Act for the Gwadar Port and Gwadar Free Zone.
Tax Free Gwadar Developing into Business Hub
Tax exemption has been granted to Gwadar Port and Gwadar Free Zone opening enormous business opportunities in area. Government is going extra mile to provide ease of doing business in Gwadar port and Gwadar Free Zone. Couple of days back Chief Minister Jam Kamal has also inaugurated multiple projects including water supply, infrastructure and energy to make sure the provision of all facilities in Port City.
The government initiative to announce Gwadar as tax free will massively bring business industries to the port city. Gwadar is already in news for being the center of focus of Government as Gwadar New Master Plan has also been launched. Now the development programs for Gwadar are listed and activities have been started. Gwadar is emerging as a level playing field for investors and business entities.
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