The gazette of india ministry of commerce and industry. It is the declared policy of the government to translate into practical realities the following state policies and mandates in the 1987 constitution, namely. A special economic zone may be established under this act, either jointly or severally by the central government, state government, or any person for manufacture of goods or rendering services or for both or as a free trade and warehousing zone. Constitution of india complete act citation 51737 bare. Be it enacted by parliament in the fiftysixth year of the republic of india as follows. Applicability of provisions of this act to existing special economic zones. Duration of goods or services in special economic zones. In 2005 and 2006, the parliament of india issued special economic zone act 2005 and special economic zone rule 2006 to provide a legal support for the operation of the sez 26, 27. Exemptions, drawbacks and concessions to every developer and entrepreneur.
This article deals with issues pertaining to the special economic zones in india. Section 2 definitions special economic zones act, 2005. These are not merely sezs but may be called as favorite investment. The special economic zones act, 2005 a perspective sez policy is definitely sustainable for india. Yunus1 special economic zones special economic zones sezs.
This act shall be known and cited as the special economic zone act of 1995. Introduction special economic zone sez is defined as a specifically delineated duty free enclave and shall be deemed to be foreign territory for the purposes of trade operations and duties and tariffs. Section 2 definitions special economic zones act, 2005 of section 8. The act will come into operation on 15th december, 2015. Section 261 in the special economic zones act, 2005. Wednesday october 12, 2016 alarbiaa muharram 11, 1438 budhavara asvina 20, 1938, at 07. The act keeps the gates open for any person natural and legal and individual including foreign national to start an sez. Person to whom a communication may be sent under this act.
Licensed entities under the seza will be able to bene. Special economic zones sezs act 2005 linkedin slideshare. For a jump in growth, industrialisation is necessary. Chapter 4 chinas investment in special economic zones in africa 69. Responsibilities of provincial investment promotion authorities.
Provided that the central government shall approve only one international financial services centre in a special economic zone. Special economic zones re, ulations, 2014 the minister of trade and industry has, under section 41 1 of the special economic zones, 2014 act 16 of 2014, made regulations in this schedule. Further, the prevention of money laundering act to deal with new categories of economic offences, has also been enacted. In the last six months, over 100 approvals have been granted for. Any person, who intends to set up a unit for carrying on the authorised operations in a special economic zone, may submit a proposal to the development commissioner concerned in such form and manner containing such particulars as may be prescribed. Pdf sez the fortress of human rights violations researchgate.
You have to make a choice between agriculture and industrialisation. Aims and objectives 69 chinas overseas zones in africa. Special economic zones act 2014draft 1 an act to repeal chapter 5, liberia industrial free zone authority, of title 30, public authorities law, liberian code of laws revised and to enact in lieu thereof a new chapter 5 to be known as the special economic zones act of 2014 preamble. Special economic zones amendment act, 2019 pdf size. Special economic zones act, 2005 tax management india. Progress, emerging challenges, and future directions. Procedure for making proposal to establish special economic zone.
Rules regulations notifications orders circulars statutory ordinance statutes. The central government shall, within fifteen days of the commencement of this act, by notification, constitute, for the purposes of this act, a board to be called the board of approval. Foreign exchange management act, the competition act, 2002, real estate regulation and development act, 2016 and amended benami transaction prohibitions act. In exercise of the powers conferred by subsection 1 of section 17 of the haryana special economic zone act, 2005 9 of 2006, the governor of haryana. Power to modify provisions of this act or other enactments in relation to special economic zones. Provisions of income tax act, 1961 to apply with certain modification in relation to developers and entrepreneurs.
Special economic zones act, 2005 bare acts law library. A special economic zone sez is a geographical region that has economic laws more liberal than a countrys typical economic laws. Preamble an act to provide for the establishment, development and management of the special economic zones for the promotion of exports and for matters connected therewith or incidental thereto. In this act, unless the context otherwise requires,1.
There is a limit to development that agriculture can achieve. They are established with an aim to purport development, promote rapid economic growth by providing tax and business incentives for attracting foreign technology along with investment. Every development commissioner shall take all steps in order to discharge his functions under this act to ensure speedy development of the special economic zone and promotion of exports therefrom. An act to provide for the establishment of the zimbabwe special economic zone. Overview of the special economic zone act, 2005 government took the initiative of enacting the sez act keeping in mind various objectives including generation of additional economic activity, promotion of export of goods and services, attracting investment from foreign sources as well as domestic along with creating employment opportunities at. The special economic zones act, 2005 ministry of commerce. Sezs an engine for economic growth supported by quality infrastructure complemented by an attractive financial package with. Provided that an existing unit shall be deemed to have been set up in accordance with the provisions of this act and such units shall not require. There proceedings of the international multiconference of engineers and computer scientists 2014 vol ii.
Special fiscal provisions for special economic zones. Special economic zone act, 2005 the financial express. Dec 30, 2015 special economic zones sezs act 2005 1. Benefits accruing to a special economic zone enterprises, developers and operators. Recently, after the enactment of the special economic zones act, 2005 sez act, which made several facilities and benefits available, several industrial houses have shown keen interest in setting up sezs and sez units. The special economic zones act, 2005legislative department.
According to the special economic zones sezs act, 2005 416 kb pdf file that opens in a new window, units operating from within the sez will be eligible for 100% tax exemption for 5 years, 50% for the next 5 years, and 50% of the ploughed back export profits for the next 5 years. Mechanisms 80 progress, challenges, and potential 91. The central government may approve the setting up of an international financial services centre in a special economic zone and prescribe the requirements for setting up and operation of such centre. Special economic zones act, 2005 section 42 bare act. The special economic zones act, 2005, was passed by parliament in may, 2005. With an intention to give boost to economic growth, the government has enacted the special economic zone sez act, 2005. Special economic zones act 16 of 2014 south african government.
Provisions of incometax act, 1961 to apply with certain modification in relation to developers and entrepreneurs. An act to provide for setting up and operation of special economic zones in pakistan. Haryana special economic zone rules, 2007 bare acts live. Provided that for a special economic zone proposed to be set up exclusively for electronics hardware and software including information technology enabled services the area shall be ten hectares or more as well as a minimum built up processing area requirement as applicable for a special economic zone for information technology or information technology enabled services, based on the. Full text containing the act, special economic zones act, 2005, with all the sections, schedules, short title, enactment date, and footnotes. The central government has enacted the sez act with the major objective of generation of additional economic activity, promotion of export of goods and services, investment from domestic and foreign sources and creation of employment opportunities.
133 919 48 1382 1389 867 377 567 1058 1422 1622 925 1631 1302 535 1169 1038 723 638 113 320 1445 757 492 555 1361 1278 665 824 30 1360 812 1202 128 523 23 509 460 1464 1482 784 691 475