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Senate Standing Committee approves 40-year tax exemptions for Gwadar Port

Real Estate News
25 Jun 2020
Senate Standing Committee approves 40-year tax exemptions for Gwadar Port

Senate Standing Committee approves 40-year tax exemptions for Gwadar Port

Islamabad: According to the news sources, the Senate Standing Committee on Finance has approved 40-years tax exemptions on Gwadar Port and Special Economic Zones (SEZs).

Previously, the senators had raised concerns over granting tax exemptions to contractors and sub-contractors and sought details from the Ministry of Maritime Affairs before giving their approval.

The Senate Standing Committee on Finance held a special meeting to discuss and consider the proposed changes and amendments – Customs Act 1969, related to Gwadar Port Authority in the light of Concession Agreement between Gwadar Port Authority and PSA Gwadar Private Limited in 2007 as well as Transfer and Assignment Agreement extended between Gwadar Port Authority, PSA Gwadar Private Limited and Chinese Overseas Ports Holding Company Ltd in 2013.

Chairman of Standing Committee Senator Farooq H. Naek briefed the committee in detail about the terms and conditions of both the agreements. Discussions were held on both the agreements after which the committee unanimously recommended and approved the amendments in the Customs Act, 1969 as they fall within the ambit of Agreement of Law.

Speaking at the meeting, Senator Farooq H. Naek said that the Committee holds the people of Balochistan especially Gwadar in the highest esteem and believes that rapid development and rehabilitation in that region will bring prosperity to the people of Balochistan.

 
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