Financial Daily from THE HINDU group of publications
Wednesday, Jan 05, 2005
Financial Daily from THE HINDU group of publications Wednesday, Jan 05, 2005 |
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Industry & Economy
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Exports & Imports SEZ legislation likely by month-end Our Bureau
Hyderabad , Jan. 4 THE Union Government is likely to come out with a special economic zone (SEZ) legislation within a month. "A positive development on the SEZ legislation will come by the month-end," said Mr G.K. Pillai, Additional Secretary (Ministry of Commerce). Addressing an open house of 100 per cent export-oriented and SEZ units, he said that the exporters' community could expect a reduction in tariffs this year. Possible changes in foreign trade policy towards the end of the fiscal and the Hong Kong round of multi-lateral trade negotiations would result in reduction of tariffs. Mr Sharad Jaipuria, Chairman of Export Promotion Council for EoUs and SEZ Units (EPCES), called upon the Government to come out with the SEZ Act as early as possible. "SEZ units have been looking forward to the Act for quite some time. Delay in bringing it out has proved to be a hindrance in fresh flow of investments in SEZs." Referring to the approval given for 34 SEZs, he said that the Act, if enacted, would prove to be a major boost to investments and exports from these SEZs. He also wanted the Government to do away with the "sunset clause" of 2010 for IT exemption for EoUs."Under this clause, IT exemption is available only up to 2009. This is acting as a deterrent for investments in this sector." On exemption from service tax and Central sales tax, he said that collecting the taxes and giving them back meant blockage of funds, unnecessary administrative work and avoidable transaction costs. The open house was attended by Development Commissioners of several SEZs and exporters.
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