Balochistan government declares Gwadar as Tax-free zone
Business
Senator Kauda Babar expressed satisfaction and said that he is indebted to CM and the Cabinet
QUETTA (Dunya News) – The provincial government of Balochistan has declared Gwadar as a tax free zone which means that all the taxes levied by the provincial government will be withdrawn from now on. Gwadar holds the most strategic port of Pakistan-China Economic Corridor (CPEC) and is said to be the future business hub of Pakistan.
According to the provincial government, there will be no taxes on services, excise tax will not be applicable anymore and property transfer tax would be withdrawn in Gwadar. The Balochistan government has also requested the federal government should designate the district of Gwadar as a special economic district and declare Gwadar as a tax-free zone/district.
Senator Kauda Babar expressed satisfaction with the decision regarding the tax-free zone and said that he is indebted to Chief Minister Abdul Quddus Bizenjo and the Cabinet for this revolutionary step. He added that the provincial Cabinet has accepted a long-standing demand by granting Gwadar the status of a tax-free zone.
Kehda Babar stated that the federal government should also reduce taxes. Gwadar tax free zone will substantially help to revive CPEC and such incentives would attract huge amounts of investments.
He also mentioned the examples of Port City Dubai and Singapore that they were also tax-free zones which is the main reason behind their development. The impetus to industries in Gwadar will provide employment to thousands of people and attract foreign exchange.
