Prior to their introduction, India relied on export processing zones EPZs which failed to make an impact on foreign investors.
Try out our Premium Member services: Free for one month and pay only if you like it. Short title, extent and commencement. Procedure for making proposal to establish Special Economic Zone.
Provided that the Central Government may,— a after consulting the State Government concerned; b without referring the proposal for setting up the Special Economic Zone to the Board; and c after identifying the area, suo moto set up and notify the Special Economic Zone. Provided that different minimum area of land and other terms and conditions referred to in clause a may be prescribed by the Central Government for a class or classes of Special Economic Zones.
Provided that the Central Government may, on the basis of approval of the Board, approve more than one Developer in a Special Economic Zone in cases where one Developer does not have in his possession the minimum area of contiguous land, as may be prescribed, for setting up a The special economic zone act of Economic Zone and in such cases, each Developer shall be considered as a Developer in respect of the land in his possession.
Establishment of Special Economic Zone and approval and authorization to operate to, Developer. Provided that an existing Special Economic Zone shall be deemed to have been notified and established in accordance with the provisions of this Act and the provisions of this Act shall, as far as may be, apply to such Zone accordingly: Provided further that the Central Government may, after notifying the Special Economic Zone, if it considers appropriate, notify subsequently any additional area to be included as a part of that Special Economic Zone.
Guidelines for notifying Special Economic Zone. Processing and non-processing areas. Exemption from taxes, duties or cess. Constitution of Board of Approval. Duties, powers and functions of Board. Suspension of letter of approval and transfer of Special Economic Zone in certain cases.
Functions of Development Commissioner. Constitution of Approval Committee. Provided that in case the Approval Committee is unable to decide any matter by a general consensus, such matter shall stand referred to the Board of Approval for its decision.
Powers and functions of Approval Committee. Provided that till such time, the Approval Committee is constituted, the concerned Development Commissioner shall discharge all functions and exercise all powers of the Approval Committee.
Setting up of Unit. Provided that an existing Unit shall be deemed to have been set up in accordance with the provisions of this Act and such Units shall not require approval under this Act. Provided that in case of modification or rejection of a proposal, the Approval Committee shall afford a reasonable opportunity of being heard to the person concerned and after recording the reasons, either modify or reject the proposal.
Provided that an appeal may be admitted after the expiry of the period prescribed therefor if the appellant satisfies the Board that he had sufficient cause for not preferring the appeal within the prescribed time.
Provided that before disposing of an appeal, the appellant shall be given a reasonable opportunity of being heard. Cancellation of letter of approval to entrepreneur. Provided that no such letter of approval shall be cancelled unless the entrepreneur has been afforded a reasonable opportunity of being heard.
Setting up and operation of Offshore Banking Unit. Setting up of International Financial Services Centre.
Single application form, return etc. Single enforcement officer or agency for notified offences. Investigation, inspection and search or seizure. Provided further that any officer or agency, if so authorised by the Central Government, may carry out the investigation, inspection and search or seizure in the Special Economic Zone or Unit without prior intimation or approval of the Development Commissioner.
Designated courts to try suits and notified offences. Provided that the courts, in which any suit of a civil nature in a Special Economic Zone had been filed before the commencement of this Act, shall continue to try such suit after such commencement: Provided further that the courts in which any trial of any notified offence is being conducted before the commencement of this Act, shall continue to conduct the trial of such offence after the commencement of this Act: Appeal to High Court.
Provided that the High Court may, if it is satisfied that the appellant was prevented by sufficient cause from filing an appeal within the said period, allow it to be filed within a further period not exceeding sixty days.
|SPECIAL ECONOMIC ZONE: AN OVERVIEW OF THE SEZ ACT, - iPleaders||Tweet A Special Economic Zone SEZ generally refers to a geographically demarcated area within a country that offers special economic regulations and procedures to entities which operate within the zone.|
|What’s so special about the Special Economic Zones Act?||Definition of Terms - For purposes of these Rules and Regulations, the following definitions shall apply:|
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Exemptions, drawbacks and concessions to every Developer and entrepreneur.Act No. 16 of Special Economic Zones Act, ‘‘Special Economic Zone’’ means an area designated as the Special Economic Zone in terms of section 23(6);.
Last Updated slider. FAQ; Help; Disclaimer; Right to Information; Hyper Linking Policy. In addition, The Special Economic Zone Act of exempts business establishments operating within Ecozones from all taxes.
In lieu of paying all other taxes, business establishments are only required to pay five percent (5%) of their gross income to the national government.
Kenya enacts Special Economic Zones Act, EY Global Tax Alert Library Under the Act, all licensed special economic zone enterprises, developers and operators shall be granted exemption from The licensed special economic zone enterprises, developers.
An Act to provide for setting up and operation of special economic zones in Pakistan WHEREAS it is necessary and expedient to promulgate a law for the creation, development and efficient operation of special economic zones through provision of a.
Special Economic Zone Act Passed The Ministry of Industry, Investment and Commerce welcomes the passing of the Special Economic Zone Act in both the Senate and the House of Representatives. The legislation represents a milestone achievement as part of the Global Logistics Hub Initiative and facilitation of investments into Jamaica.