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September 12, 2019

FBR to appoint focal person on SEZs

Business

September 12, 2019

ISLAMABAD: The Federal Board of Revenue (FBR) has decided to appoint a focal officer to resolve issues related to tax incentives announced for investment in special economic zones (SEZs).

This was told on Wednesday during a meeting presided over by Adviser to PM on Commerce, Textile, Industries and Production, and Investment Razak Dawood. A delegation of investors of Bin Qasim Industrial Park and Korangi Creek Industrial Park called on PM adviser to discuss various issues pertaining to taxation anomalies regarding special economic zones. FBR Chairman Shabbar Zaidi and Board of Investment (BoI) Chairman Zubair Gilani also attended the meeting.

Dawood informed the delegation about the SEZs-related tax incentives, including onetime exemption from customs duties and taxes on import of plant and machinery into SEZs for installation in the zones. “The government has also given tax holidays for 10 years to all enterprises which will commence commercial production by 30th June 2020 in SEZs,” he said in a statement. Commerce adviser said the government has taken strategic decision to facilitate investors by providing state-of-the-art infrastructure in SEZs, “so that they can contribute in the national economy by kick starting commercial production at earliest”.

Adviser to PM urged the investors to invest in SEZs in the priority areas, which include textile, food processing, information technology and equipment, logistics and automobiles in order to get high returns on their investment. He also assured facilitation to the investors from BoI as the lead coordination agency of government.

“All the issues pertaining to taxation of various projects would be resolved and BoI would act as a single bridge between the investor and the government departments including FBR.”

Investors raised issues related to timely issuance of tax exemption certificates from the FBR which, they said, are causing inconvenience and delays in taking investment decisions by the new investors.

FBR chairman apprised the participants that he would nominate a dedicated focal officer in FBR, who would coordinate with the investors to resolve any issue being faced in their investment ventures.

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