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Revised SEZ policy in 3-4 weeks: Commerce secretary
Thursday July 26, 2012 05:54:45 PM,
IANS
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Kolkata: The
government hopes to come out with new guidelines to revive Special
Economic Zones (SEZs) in three to four weeks, Commerce Secretary
S.R. Rao said Thursday.
"We are now trying to harmonise the current (SEZ) policy and rules
that have not served the purpose and trying to remove irritants to
investors," Rao told reporters here.
"And (we are) also trying to bring in some more rules where
government finds that the revenue sources are leaking. So we are
trying to broadbase all these things, remove transaction cost both
for the government and the investors," he said.
The initial phase of the SEZ scheme, launched in 2006, saw
developers coming out in huge numbers for projects. But after the
imposition of Minimum Alternative Tax and Dividend Distribution
Tax on SEZs in 2010-11, investors started losing interest as tax
incentives were the major attraction for setting up of these
enclaves.
To boost investors' confidence, the commerce ministry plans to
provide incentives for developers who want to set up SEZs in
remote and undeveloped areas. It has proposed to relax minimum
land area requirement for different categories of SEZs, besides
extending to the units the benefits of export schemes already
available to entities outside the zone.
Asked when the government would come out with new norms and revise
the existing policy, the commerce secretary said: "In another
three to four weeks hopefully."
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