Islamabad: According to several documents presented in a meeting of the Senate Special Committee, the authorities concerned require funds worth PKR 18.5 billion to supply electricity to the nine special economic zones (SEZs) being developed under the CPEC project. Senator Sherry Rehman presided over a meeting to this effect in Islamabad.
The document provide insights into incentives planned for the companies who invest in the development of SEZs. These included provision of utilities at the zero-point of the zones. The firms would be given income tax exemption for five years and one-time exemption on custom duties for plant and machinery.
Similarly, zone enterprises would be provided with an income tax exemption for 10 years on the units which will commence with the production by 30 June, 2020, and five years for the units which start production later after the said period.
The officials concerned informed that the executive had already allocated fund worth PKR 1.4 billion for the electrification process under the Public Sector Development Programme (PSDP) announced for the (fiscal year) FY2019-20.
They added that the Board of Investment (BoI) had undertaken the arrangements aimed at supplying electricity to the SEZs. Moreover, the executive would soon release PKR 500 million for the construction of a grid station at the Bin Qasim Industrial Park.
