Board of Approval on Special Economic Zones to meet on September 9
The Development Commissioners have been asked to forward the proposals regarding SEZs along with their comments at the earliest so that they could be placed before the meeting, the official said.
By PTI | Updated:
NEW DELHI: The Board of Approval (BoA) for Special Economic Zones (SEZs), headed by Commerce Secretary Rahul Khullar is scheduled to meet on September 9 to discuss matters like setting up of new such enclaves in the country.
"The 48th meeting of the BoA for SEZs would be held on September 9," a Commerce Ministry official said.
The Development Commissioners have been asked to forward the proposals regarding SEZs along with their comments at the earliest so that they could be placed before the meeting, the official said.
The 19-member inter-ministerial BoA in its last meeting on July 22 gave extra time to 45 SEZ developers to execute their projects and allowed realty major Parsvanath group to withdraw its six SEZ projects in different states.
Developers who got more time include Rahejas, Mukesh Ambani-promoted Navi Mumbai and GP Realtors.
Several of the SEZ notified projects are grappling with the problems of land acquisition even as they face uncertainty over the tax regime, sources said.
The SEZs which were touted as major vehicles for investment and export promotion were given a host of tax exemptions under a special SEZ Act of 2005.
Exports from 143 tax tax free enclaves grew by 23 per cent during the first quarter of 2011-12 to Rs 72,255 crore over the same period last year.
Under the law, incentives for SEZ units include 100 per cent income tax exemption on export profits earned for the first five years, a 50 per cent for the next five years and another 50 per cent exemption on re-invested profits in the following five years.
"The 48th meeting of the BoA for SEZs would be held on September 9," a Commerce Ministry official said.
The Development Commissioners have been asked to forward the proposals regarding SEZs along with their comments at the earliest so that they could be placed before the meeting, the official said.
The 19-member inter-ministerial BoA in its last meeting on July 22 gave extra time to 45 SEZ developers to execute their projects and allowed realty major Parsvanath group to withdraw its six SEZ projects in different states.
Developers who got more time include Rahejas, Mukesh Ambani-promoted Navi Mumbai and GP Realtors.
Several of the SEZ notified projects are grappling with the problems of land acquisition even as they face uncertainty over the tax regime, sources said.
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The SEZs which were touted as major vehicles for investment and export promotion were given a host of tax exemptions under a special SEZ Act of 2005.
Exports from 143 tax tax free enclaves grew by 23 per cent during the first quarter of 2011-12 to Rs 72,255 crore over the same period last year.
Under the law, incentives for SEZ units include 100 per cent income tax exemption on export profits earned for the first five years, a 50 per cent for the next five years and another 50 per cent exemption on re-invested profits in the following five years.
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