Gwadar port companies exempted from income tax

Gwadar port companies exempted from income tax
ISLAMABAD: The federal government has exempted income derived from E.P Zone, PSA Gwadar International Terminal Limited and Gwadar Marine Services Limited from income tax for a period of 20 years.

In this regard, the Federal Board of Revenue (FBR) has issued S.R.O. 755(I)/2007 amending Second Schedule of the Income Tax Ordinance, 2001 Ordinance by inserting after clause (126), the following new clause namely, “(126A) income derived by – (a) Gwadar E.P Zone (b) PSA Gwadar International Terminal Limited; and (c) Gwadar Marine Services Limited, from Gwadar Port operations for a period of twenty years beginning from the year in which the company is set up or commercial operation is commenced, which ever is the later”.

The Gwadar port operators would develop Gwadar E.P Zone for local as well as overseas investors mainly for export oriented industries to increase exports from Pakistan. This initiative of the government would not only attract sizeable foreign investment but would also provide job opportunities to the people of the province of Balochistan as well other parts of the country.

The establishment of PSA Gwadar International Terminal Limited and Gwadar Marine Services Limited with exemption from income tax for 20 years would help the government to attract reputable international investors to invest in Pakistan and manage the operations of this important port of the region.

Apart from Gwadar E.P.Zone, the government is also interested in developing Gwadar Oil City near Gwadar Port to attract Chinese petroleum and chemical companies to relocate their industries and their excess capacities in this proposed Oil City.

The government is aiming to utilise Gwadar Ports’ geo-strategic location as an energy, transport and industrial corridor for the countries of the region including Middle East, Central Asian Republics, China, South Asia and South-East Asia. The long-term vision of Gwadar Port as an energy hub and gateway for the countries of the region is in line with the vision for economic prosperity of the country.

Daily Times

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One Response

  1. Dear Sir,
    Reviewing your website which is appreciable and helpful for those who had not yet visited in Gwadar as well as interested to invest in Gwadar. To guide those please published under mention information to support and guide lines for all Pakistanis inside or out side Pakistan. As a Resident of Gwadar by Birth. (Presently living in Oman) I Feel and wish to share my views about gwadar as under:

    I am 38 years old now. My child hood was as common as a village boy. Now a days Gwadar is so much highlighted in the world due to its location which was not before 2002.

    But after the Chinese interest and boom advertisement an encouragement by the Government of Pakistan in the year 2002. And then since formation of G.D.A in 2004. The people rush to came to gwadar to invest in properties.
    At that time property prices was not so much high as it is now.
    My relatives open an estate agency in Gwadar for the people who wish to invest in Gwadar.

    I visited with lot of people who invested in gwadar. I was satisfied as well as my all clients were also satisfied with buying plots.

    Till yet no complaints from any of my buyers have been made or done to whom i sold the plots through my relatives Real Estate Agency.

    Because, i sold them plots from the owners. But after 2005 a lot of foolish people from Punjab and other part of the country came to Gwadar and open Estate Agency to fraud with investors and ask in market the plots of Chatani Bal, Zabadan, Kiya kalat, Ziarat Machi, Chitti Shumali, Junobi, Mazarni, and the far areas of Gwadar, which are deserts area.

    Out of them some do partnership with fraud local people and had get G.D.A. Noc for housing schemes.

    In 2004 to 2006 lot of housing NOC was issued by GDA in the area which is out of GDA Master Plan marking with “B”

    People who had no idea about “B” and they only attracted from TV Commercials buys plots in such area, Which have no future before 30 to 50 years.

    As the Area of Master Plan have more land than any other Pakistan well develop city like Lahore or Karachi.

    Now, when the people knows that they invested in land which they have bought through TV Advertisement is out of the master plan they are puzzles about the cost and investment which they have made.

    Now, The activities from Gwadar Development Authorities are very fast within the area of master plan and hope ful that Gwadar will be completely developed between 2010 to 2015.

    Those who had invested in such schemes which are out of Master Plan get heavy loss or have to wait form long term.

    So for which I feel very sad and wish to share my knowledge and information regarding the

    Importance of Location in Gwadar and – Where to invest: To achieve lot of business as well as tax exemption benefits from C.B.R. When Gwadar Port will fully operative. Hopeful the new Government take prompt action to make it possible to complete infra instracture as early as possible such as railway tracks and new airport and also complete roads, waterlines, electric lines as early as possible to make the Gwadar the real International City… Now the Importance of Location in Gwadar – Where to invest:

    The most important factor in buying a property is its location and when it comes to Gwadar,
    this factor is of utmost importance; just buying property in Gwadar is of no use unless it is on prime location in order to add value to your investment.
    Like other places Gwadar also has its peak and off peak locations,
    therefore it is advised to keep the following few points in mind while purchasing land in Gwadar.

    1. The land in master plan is more expensive in comparison to other locations in Gwadar.
    2. In the master plan the area within E.P.Zone or near E.P.Z area in east bay is more expensive then Residential in west bay or industrial area far in east bay. Which will be very fast developed in near future.
    3. In East bay the Properties Tee More commercial area to Jinnah Avenue is even more attractive for investment purpose and for fast returns.
    4. And Jinnah Avenue from Dor to Round-about joining Baluchistan Broad way is also very important location.
    Therefore, in order to get maximum profit of your investment, only buy the property in area which is attached or near Jinnah Avanue.

    Remember, Before investment it is better to think a lot. And Then Decide and watch Location then decide or get information from GDA OFFice.

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