Islamabad: The National Development Council (NDC) has planned to grant tax relief to business units that would be set up at the Gwadar Free Zone as part of the China-Pakistan Economic Corridor (CPEC), a news source reported.
The NDC has directed the Advisor to Prime Minister (PM) on Finance Hafeez Shaikh to notify these concessions to the relevant parties. Assuring the authority about resolving the matter soon, the finance advisor stated that he would require a report on approval of the concessions from an inter-ministerial committee.
Due to NDC’s intervention on the matter, this proposal will be sent to the Economic Coordination Committee (ECC) of the cabinet for approval soon.
The Gwadar Port Authority and the Port of Singapore Authority signed the original Gwadar Port Concession Agreement, and ECC approved it in 2007. As Part of CPEC, China aims to develop the Gwadar Port as a strategic and commercial hub under its ‘One-Belt One-Road’ project.
