Pakistan to provide 10-year tax holiday for setting up SEZs
Islamabad—Minister of State/Chairman, Board of Investment (BOI) Dr. Miftah Ismail, Wednesday, informed a Turkish delegation that the government was encouraging the private sector for setting up industries in Pakistan. The Special Economic Zones (SEZ) has been established to meet the global challenges of competitiveness to attract Foreign Direct Investment (FDI), he added.
Miftah stated this at a meeting with a Turkish investment delegation led by Levent Cakiroglu, CEO, KOC Holding, Turkey who called on the Chairman BOI here on Wednesday. He told the delegation that the law allows creating industrial cluster with liberal incentives, infrastructure, investor facilitation services to enhance productivity and reduce cost of doing business for economic development and poverty reduction. Pakistan offers to establish Special Economic Zones, which provide 10 years tax holiday for investors and the developers with duty free import of plant and machinery.
The government, he said offered one time Exemptions from all taxes on all imported Capital Goods and Exemption from Income Tax for a period of ten years till June 30, 2020 and five years thereafter for SEZ Zone enterprises. The Chairman welcomed the delegation and highlighted the investment opportunities available in different sectors of the Economy i.e. automobile, food & food processing, energy, power, LNG, dairy products & live stock for Turkey investment in Pakistan.
Levent, Chief Executive Officer (CEO), M/s. Koc Holding Company informed that Koc Holding is Turkey’s Leading Investment Holding Company and Koc Group is Turkey’s largest industrial and services group in terms of revenues, exports, taxes paid, share in Borsa Istanbul’s market capitalization and employment generation. The shares of 16 Koc Group companies are traded on the Istanbul Stock Exchange, together, the groups comprise 113 companies, 90,000 employees, and 14,000 dealers, agencies, and after-sales services people. Koc Holding is the only Turkish company to be listed in Fortune Global 500 list. Fortune Global 500 ranked Koc holding at 248 for the year 2011.
The company has now signed an agreement to purchase/acquire Dawlance, a premium home appliances company of Pakistan worth of $258 million. At the end Dr. Miftah Ismail, Minister of State/Chairman, BOI thanked Mr. Levent Cakiroglu, CEO, KOC Holding, Turkey and his delegation, and appreciated their efforts and intention to boost investment, trade and economic relation between the two friendly countries. The Chairman, BOI assured them for BOI fully support as and when needed.
The Chairman, BOI assured them for BOI fully support as and when needed. Levent Cakiroglu, CEO, KOC Holding, Turkey along with 5-member delegation also visited Board of Investment and met with Minister of State/Chairman, Board of Investment (BOI) Dr. Miftah Ismail and its Secretary Azher Ali Choudhry. The Chairman welcomed the delegation and highlighted the investment opportunities available in different sectors of the Economy i.e. automobile, food & food processing, energy, power, LNG, dairy products & live stock for Turkey investment in Pakistan.