Thursday, May 21, 2009

Gwadar Port declared now tax-free

Port of GwadarImage via Wikipedia

ISLAMABAD - The government on Wednesday declared Gawadar Port as
Tax-Free Zone. Mian Manzoor Wattoo, Minister for Industries and
Production, disclosed this while addressing a press conference. He
said that the industries to be established at Gawadar would export 50
per cent of the production while remaining 50 per cent would be sold
in local markets. He said that committee under the chairmanship of
Prime Minister on Wednesday declared Gawadar Port as Tax Holiday Zone.
The members of the committee were Advisor to Finance, Secretary
Commerce and Industries, Chairman Federal Board of Revenue and
Additional Chief Secretary Balochistan.
He said that the decision would help improve economy, provide jobs to
the people and boost developmental and trade activities. He also said
that trade with China, Afghanistan, Iran and Middle East through
Gawadar Port would usher a new era of commercial activity.
He also informed that government had achieved surplus wheat production
of 8 million tons against targeted of 6.5 million ton and that would
reach around 9 million tons as the procurement was still in process.
He also said that the government had paid Rs 27 billion as a subsidy
on fertilisers and also provided high yielding seeds to the farmers.
He said that in Kharif season, the country needed 30 million ton of
urea and 25.5 million ton was available as local production while 4.5
million would be imported.
"We are giving Rs 20.88 billion urea subsidy for the Kharif season as
Rs 16.50 billion on the import of urea bags while Rs 4.38 billion to
the local manufactures of urea," he said.
He said that government would try to control the black marketing of
urea and strict action would be taken against the hoarders.
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