Cabinet decided to exempt special economic zone from provincial taxes
- China Pakistan Economic Corridor is said to increase the competition for Pakistani products once it gets fully operational.
- Balochistan’s provincial government has exempted Gwadar Free Zone from the provincial levies.
Balochistan’s provincial government, reportedly, has exempted Gwadar Free Zone from the provincial levies and decided to set up special economic zones and new industrial estates in the province. The new regulation is announced to be implemented for the period of the next five years.
The special economic zones entail general exemption from taxes and other incentives that accelerate the economic development and investment both locally as well as for foreign trade. The tax exemption by Pakistani authorities likely to boost the investment in the free zone.
According to the report available with Dawn, the cabinet also decided to set up a modern laboratory to analyze minerals. Provincial Spokesperson Mr.Shahwani said while talking to the reporters that Despite having precious natural resources, the province lacks this important facility and depends on laboratories of other provinces for that purpose.
Due to the lack of modern facilities, it is also feared that the country that is investing heavily in the CPEC would extract the country’s natural resources like minerals terming it into a resource-poor country from the status of being resource-rich.
China Pakistan Economic Corridor is also said to increase the competition for Pakistani products once it gets fully operational. Fears also persist that more exports will be coming to Pakistan from China thereby increasing market competition for the products made in Pakistan.
Also See: Refuting All The Propaganda, Chinese Ambassador Says He Is ‘Satisfied With The Pace Of CPEC’
The spokesperson also informed about the approval of the Balochistan Essential Health Services Bill 2019 that would provide better health facilities. The bill would help to bring improvement in the performance of doctors and paramedical staff and would also stop strikes within the health department and state-run hospitals.
Either Pakistan or China will be the major beneficiary of lifting the local taxes by Pakistan in Free Economic Zone? Share your thoughts in the comment section below