In Punjab: Industrial estates given SEZ status

SEZ Act provides fiscal incentives to the developers

​ Our Correspondent September 25, 2019

LAHORE: Prime Minister Imran Khan has granted the status of Special Economic Zone (SEZ) to three industrial estates namely Bhalwal, Rahimyar Khan and Vehari industrial estates, which fall under the control of Punjab Industrial Estates Development and Management Company (PIEDMC).

Punjab Industrial Estates Chairman Syed Nabeel Hashmi thanked the prime minister for awarding the SEZ status, saying it would revolutionise industrialisation and usher in a new era of progress and prosperity, particularly in Punjab.

In a meeting held with the prime minister recently, he stressed that a number of incentives were required for the industrial sector in order to enhance exports and create employment in Punjab.

The SEZ Act provides fiscal incentives to the developers as well as industrialists, which include tax exemption for 10 years and one-off duty exemption on machinery import.

Published in The Express Tribune, September 25th, 2019.

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