HomeTech newsPreparations to bring a new law to encourage SEZ, sought opinion from...

Preparations to bring a new law to encourage SEZ, sought opinion from many ministries including finance

SEZ: The Ministry of Commerce is trying to reorganize the Special Economic Zones (SEZs) through a new law. Giving this information, an official said that the ministry is proposing several direct and indirect incentives such as suspension of import duty and exemption from export taxes to revive the Special Economic Zone.

SEZs are areas within a country that are often duty free (fiscal concession). These are separate trade and commercial laws mainly to encourage investment and generate employment. SEZs are also created to operate these sectors better, which makes it easier to do business. The Special Economic Zones Act was passed in the year 2005 and came into force in the year 2006 along with the SEZ rules. 

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