The Hindu Business Line : Spl economic zone, fiscal management Bills passed in AP Assembly

A BILL to facilitate the development, operation and maintenance and regulation of special economic zones (SEZs) was introduced and passed here on Tuesday in the State Legislative Assembly.

This Bill is aimed at targeting promotion of economic activity and export of goods and services and develop infrastructure, while bringing special features to zones thus created.

Referred to as the Andhra Pradesh Special Economic Zones Act 2005, it seeks to bring about a planned development of SEZs in the State guided by a development authority.

In order to streamline the system and facilitate speedy clearance, the management of the zone will be entrusted to the Development Commissioner, with powers for managing labour laws as well. This will also pave the way for single window system adopted for the zone by way of common approval, clearance, licence and registration.

With a view to attracting the industrialists and entrepreneurs to establish industrial units in the zone, the State Government has proposed to grant various fiscal benefits. The stamp duty and registration fees payable on transfer of land in the zone has been exempted and there would be no registration fee or stamp duty levy on loan agreement, credit deeds and mortgages executed by the unit in the processing area of the zone. In addition, sales tax, purchase tax and other taxes and cess payable on sales and transactions have also been exempted.

Fiscal bill: The Andhra Pradesh Fiscal Responsibility and Budget Management Act, 2005, that seeks to bring about prudent debt management in the State was also passed by the Assembly.

According to statement of objects and reasons, the bill seeks to bring in fiscal stability by progressive elimination of revenue deficit, reduction in fiscal deficit and prudent debt management consistent with financial sustainability. It also seeks to bring in transparency in operations of the Government and conduct of fiscal policy in the medium term framework and related matters.

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Spl economic zone, fiscal management Bills passed in AP Assembly