- Government of Balochistan Declares Gwadar a Tax-Free Zone.
In a significant move to boost economic development, the Balochistan provincial government has officially declared Gwadar as a tax-free zone. This announcement has been welcomed by the local community and is expected to attract further investment to the region.
Gwadar, a district of immense importance in the region, is poised to become a prominent hub for investment in South Asia.
Under the new designation, Gwadar will be exempt from services and excise taxes, as well as any taxes on property transfers. This development marks a major milestone for the district and is expected to stimulate economic activity and enhance the China-Pakistan Economic Corridor (CPEC) initiative.
Gwadar’s tax-free zone status is reminiscent of other successful port cities like Dubai and Singapore, which have thrived as tax-free zones, attracting significant investments.
Senator Kauda Babar, representing district Gwadar, expressed his appreciation for the decision and extended his gratitude to Balochistan Chief Minister Abdul Qudoos Bizenjo and the provincial cabinet. He emphasized the importance of the federal government also providing relief in federal taxes to further facilitate economic growth in the region.
Babar believes that Gwadar’s tax-free status will revive the true spirit of the CPEC, leading to increased activity at the Gwadar port and attracting more domestic and international investments.
He anticipates that the establishment of industries in Gwadar will create job opportunities for millions of people and contribute to foreign exchange reserves in the country.
Chief Minister Mir Abdul Quddus Bizenjo approved a summary from the planning and development department, granting Gwadar the status of a special economic district, Last month.
This move aims to attract national and international investors and accelerate the development and prosperity of Gwadar. The establishment of a special economic district will boost various sectors such as trade, tourism, real estate, and hospitality, thereby creating healthy competition and fostering growth in the region.
As part of the special status, the government plans to offer incentives such as exemptions on federal and provincial taxes for industrial activities and concessions in the visa policy for investors.
The goal is to create an investor-friendly environment that encourages foreign investment in Gwadar. Additionally, subsidies will be provided to investors in order to attract more investment within a short timeframe.
The decision to designate Gwadar as a tax-free zone aligns with the ongoing development activities in the region to ensure the success of the China-Pakistan Economic Corridor (CPEC).
Gwadar’s deep-sea port has already brought significant development and employment opportunities to the area, benefiting not only the local population but also individuals from Balochistan and other parts of the country.
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With Gwadar now enjoying tax-free status, the stage is set for accelerated growth and prosperity in the region. This decision is expected to attract a surge of investments and propel Gwadar’s prominence as a vital economic center in South Asia.
The government’s commitment to developing Gwadar underscores its dedication to realizing the full potential of the China-Pakistan Economic Corridor and fostering a thriving business environment in the district.
