special economic zones
The Government has set ‘strict’ timelines for clearance of various Special Economic Zones (SEZs) related activities by the development commissioners (DC) of the zones. This has been done to ensure smooth functioning of SEZs and facilitating ease of doing business, an official release said. The development commissioners will be allowed 15 days to examine proposals [...] Continue Reading »
The Centre should refrain from restoring tax benefits to units in Special Economic Zones (SEZs) and developers of these enclaves that were withdrawn in the 2011-12 Budget. SEZ units and developers now incur a 20 percent minimum alternate tax (MAT) on their book profits. In addition, there is a 15 percent dividend distribution tax (DDT) [...] Continue Reading »
A senior Finance Ministry official has revealed that the government is mulling a proposal to revive Special Economic Zones (SEZs); and, towards that end, has efforts underway to come up with a package of tax and non-tax incentives. The official also disclosed that a final view of the package for reviving SEZs will likely be [...] Continue Reading »
During the course of a July 24 meeting, the inter-ministerial Board of Approval (BoA) of the Union Government had reached a decision with regard to the cancellation of its approvals to 27 Special Economic Zones (SEZs), while giving 18 SEZs some more time to execute their projects. The SEZs whose approvals have been cancelled by [...] Continue Reading »
Asian Business Connection, the holding company of the Carnival Group has acquired the IT Park in Kochi from the company owned by the promoters of Leela Group for Rs 280 crore. The Mumbai-based Carnival Group seems to be very satisfied with this deal as the property is spread over 6.5 acres and brings in good rental income. Out [...] Continue Reading »
The spirits of the IT/ITeS sector had risen upon the finance minister’s announcement in the Budget speech that the government would take measures to revive the SEZs. Many companies started even planning to take up new space in the SEZ units. However all does not seem to be rosy. The first blow came with the [...] Continue Reading »
India and Japan have resolved in order to sort out the issues that are concerning the special economic zones and joint procurement of gas from the third world countries. The issues that have come up for the discussion during the meeting of Commerce and Industry Minister Nirmala Sitharaman and Japanese State Minister of Economy, Trade [...] Continue Reading »
A significant relief has come to the IT industry as the Central Board of Direct Taxes stated that IT and ITeS units that have shifted operations to the special economic zones will be able to enjoy the tax sops under the scheme as long as their transferred technical manpower to the new units is lesser [...] Continue Reading »
398 special economic zones (SEZz) have not yet started the operations despite getting the needed approvals. The aforesaid was stated by the Commerce and Industry Minister Nirmala Sitharaman in Rajya Sabha last day. While giving a reply to the supplementaries during the Question Hour, she stated that setting up of SEZs has been a long [...] Continue Reading »
The debate on whether there should be special labour laws for special economic zones (SEZs) will be reopened by the Commerce Department this week. According to the information shared by unidentified sources, discussions on a special allowance for SEZs are scheduled to be held later this week. The issue has already been brought to the [...] Continue Reading »
