Senate body approves 40-year tax exemptions for Gwadar Port.

ISLAMABAD: The Senate Standing Committee on Finance has unanimously approved 40 years tax exemptions for Gwadar Port and Special Economic Zone (SEZ).

Earlier, the senators had raised objections over granting of tax exemptions to contractors and sub-contractors and sought details from Ministry of Maritime Affairs before grating their nod. The Senate Standing Committee on Finance held a meeting to exclusively consider the proposed changes and amendments – Customs Act 1969, related to Gwadar Port Authority in the light of Concession Agreement between Gwadar Port Authority and PSA Gwadar Private Limited in 2007 as well as Transfer and Assignment Agreement extended between Gwadar Port Authority, PSA Gwadar Private Limited and Chinese Overseas Ports Holding Company Ltd in 2013.

Senator Farooq H. Naek, Chairman of Standing Committee briefed the Committee in detail about the terms and conditions of both the Agreements. The Committee after holding discussions unanimously recommended and approved these amendments in the Customs Act 1969, as they fall within the ambit of Agreement of Law. Senator Farooq H. Naek Chairman of Standing Committee on Finance said that the Committee holds the people of Balochistan especially Gwadar in the highest esteem and feels rapid development and rehabilitation over there will bring prosperity to the people of Balochistan.