Nnnspecial economic zone act 2005 bare act pdf

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. 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. Economic zones for the promotion of exports and for matters connected therewith or incidental thereto. Sezs an engine for economic growth supported by quality infrastructure complemented by an attractive financial package with. Special economic zones act, 2005 bare acts law library. Economic zone, by a unit or developer from a place outside india by land, sea or air or by any other mode, whether. Special economic zones sezs act 2005 linkedin slideshare. Interpretation in this act, unless the context otherwise requires agricultural zone means a special economic zone declared as such. The act will come into operation on 15th december, 2015. The gazette of india ministry of commerce and industry. Special economic zones act 16 of 2014 south african. All about special economic zones sez act, 2005 by junaid akter.

This act may be cited as the special economic zones act, 2015 and shall come into operation upon the expiry of ninety days from the date of its publication. The special economic zones act, 2005 has been enacted 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. Special economic zone board means the board of directors of an individual special economic zone entity appointed in terms of section 255. This act shall be known and cited as the special economic zone act of 1995. The law applicable to the continental shelf and in the. Applicability of provisions of this act to existing special economic zones. Territorial sea, contiguous zone, and exclusive economic zone amendment act 2005 2005 no 115. Power to modify provisions of this act or other enactments in relation to special economic. Special economic zone act, 2005 the financial express. The special economic zones act, 2005 indian kanoon. The special economic zones act, 2005 ministry of commerce. Exemption of pezaregistered economic zone enterprises paying the special 5% tax on gross income from paying the power distribution franchise tax memorandum circular no. Regulations on special economic zones in guangdong province. Be it enacted by parliament in the fiftysixth year of the republic of india as.

With an intention to give boost to economic growth, the government has. Economic zone or other special economic zone for the purpose of carrying out the authorized operations, hereinafter referred to as the goods availing exemption from payment of duties, taxes or cess or drawback and concessions under sections 7 and 26. Procedure for making proposal to establish special economic zone. Sezs will enjoy exemptions from customs duties, income tax, sales tax, service tax.

Special economic zones act, 2005 pdf file chapter i preliminary 1. Progress, emerging challenges, and future directions. Special economic zones rules, 2006 legislation vlex. From politicians to businessmen, from journalists to social activistsall have expressed different views thereon. Person to whom a communication may be sent under this act. The enactment of special economic zone act 2005 goes a few steps ahead by allowing the government to transfer the land acquired for public purpose under laa to the private companies for development. Part iitiie special economic zones 4declaration of special economic zones. Section 1 short title, extent, commencement and application. Article 25 a guangdong provincial special economic zones development company shall be set up to suit the expanding economic activities in the special zones. This act may be called the special economic zones act, 2005. Application of laa to acquire land is often go along with various kinds of pressure tactics by the corporate. An act to provide for setting up and operation of special economic zones in pakistan.

The special economic zones act, which was enacted subsequently in the year 2005, has been subject to much debate and discussion. Special economic zone the act means the special economic zones act, 2014 act no. Amendment to the act on special economic zones september. Benefits accruing to a special economic zone enterprises, developers and operators. Wednesday october 12, 2016 alarbiaa muharram 11, 1438 budhavara asvina 20, 1938, at 07. We, the obligors shall abide by all the provisions of. Territorial sea, contiguous zone, and exclusive economic. While some have hailed it as a new mantra for exportoriented economic activity, others have criticized. An act to provide for the establishment of the zimbabwe special economic zones authority and to provide for the functions thereof. Malaysia exclusive economic zone act, 1984, act no. The special economic zones act, 2005legislative department.

Licensed entities under the seza will be able to bene. Special economic zone sez special economic zones rules, sez 2006 new delhi, the 10th february, 2006 g. It is also a state party to both the two implementing agreements. X x x x extracts x x x x a the requirements including the period for which a unit may be set up subject to which the approval committee shall approve, modify or reject any proposal referred to in subsection 3. Special economic zones amendment act, 2019 pdf size. A special economic zone is an institution of administrative law, which has all the characteristics of a special area, and. This act is unique as it helps in backward and forward linkages of the economy. In exercise of the powers conferred by section 55 of the special economic zones act, 2005 28 of 2005, the central government.

Rules regulations notifications orders circulars statutory ordinance statutes. Board means a special economic zone board appointed by a licensee in terms of section 255 of the act. Necessary offices shall be set up in the zhuhai and shantou special zones. Chapter ii incorporation of company and matters incidental thereto. 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. Be it enacted by parliament in the fiftysixth year of the republic of india as follows. 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. 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. Exclusive economic zone act exclusive econoh1ic zone act arrangementof sections section 1. Legislation online bangladesh economic zones authority, bangladesh pdf of unofficial english translation doc. In exercise of the powers conferred by section 55 of the special economic zones act, 2005 28 of 2005, the central government hereby makes the following rules, namely. A special economic zone sez is an especially demarcated area of land, owned and operated by a private company, which is deemed to be foreign territory for the purpose of trade, duties and tariffs.

The law applicable to the continental shelf and in the exclusive economic zone. A special economic zone is a part of the countrys territory administratively separated from the rest, within which a special system of legal standards is introduced by the legislative act establishing the special economic zone. Special economic zones bill portfolio committee report. The special economic zones act, 2005 the second schedule see section 27 modifications to the income tax act, 1961 43 of 1961 a in section 10, a in clause 15, after sub. It is the declared policy of the government to translate into practical realities the following state policies and mandates in the 1987 constitution, namely. 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. Whereas it is necessary and expedient to promulgate a law for the creation, development and efficient operation of special.