27 SEZs request government to offer them more time for projects
27 SEZ developers like DLF Info Park, Navi Mumbai SEZ and Gulf Oil Corp has asked for special requests from the government to give them more time to finish their projects. The other companies who have asked for time from the government are Indiabulls Industrial Infrastructure, Pasvnath Infra, Electronics Corporation of Tamil Nadu and the Kandla Port Trust.
The Inter-ministrial board of approval that has been headed by the commerce secretary Rajeev Kher during their meeting on 24th July said that they will take up the proposals after going through the details that have been provided by the commerce department.
The reasons that have been provided by some companies for delaying the project include minimum alternate tax and increase in the dividend distribution tax that has been imposed by the government on SEZ developers and units. Other problems cited are delay in the grant of environmental clearance, problem in acquiring land for projects, the uncertainties of the tax incentives that have been available by the tax that has been proposed by Direct Taxes code. Another major problem is the poor responses of the entrepreneurs for setting up units due to the economic slowdown in the major export markets.
Source: The Financial Express
DLF Info Park, exports, Government, Gulf Oil Corporation, Insurability, Land Ltd, net worth, Poverty Trap, Special economic zone
