President signs SEZ law
President Asif Ali Zardari has signed the Special Economic Zones Bill 2012, which puts in place the regulatory framework for the country to establish Special economic zones (SEZs) across the country.
The law is designed to by-pass the lack of continuity in government policies in the past which have been the result of changes of government. The president stated in his press release on the president’s website that ‘the law will help in reducing the cost of doing business and will increase exports, create jobs and enhance the rate of return to investors’.
Under the new law all capital goods, machinery and equipment will get one time exemption from customs duties and entrepreneurs will be exempted from income iax for 10 years.
The bill originated in the Senate where it was passed on 8th March and then passed by the National Assembly (the lower house) on 13th July.