Islamabad: The divisional committee created by the Cabinet’s Economic Coordination Committee (ECC) has prepared the draft law for tax amendments and exemptions regarding Gwadar Port and Gwadar Free Zone, according to a news source.
The divisional committee held a meeting last week to execute the ECC’s orders regarding the introduction of an amended tax regime. Minister for Law and Justice Barrister Dr Muhammad Farogh Naseem chaired the session, while the Secretary Treasury, Secretary Commerce, Secretary Planning, Development and Reforms Division, Special Secretary Cabinet Division, the Chairman of the Federal Board of Revenue (FBR), and other officials concerned, attended the proceedings. Together, they deliberated on the imposition of income tax, sales tax and customs duties on the Gwadar Port and Free Zone — either through law-amendments or Statuary Regulation Orders (SROs).
The Maritime Ministry presented its proposal for the meeting’s consideration, and the BoR made their suggestions about it as well. The meeting decided to devise an execution strategy for ECC’s August 28 orders, and will draft amendment bills as required, to be presented before the parliament.
The official press release said that Gwadar International Terminals Limited and Gwadar Marine Services Limited has been granted relief on customs duties imposed on imported good, as the FBR agreed for a zero-rating regime on import of raw materials, machinery and instruments.
Hazafa reveres the art of writing and has been turned into a property enthusiast by profession. Her daily survival kit includes; tea, coffee, keyboard and paperbacks.
