The provincial government of Balochistan has proclaimed Gwadar a tax-free zone, pressing federal authorities to award the region similar economic status.
Gwadar will now be exempted from services, excise taxes, and any property transfer tax, a huge development for the district, which is of immense significance in the region and slated to become a South Asian investment hub.
Senator Kauda Babar, representing the Gwadar district, praised the cabinet’s decision as a positive step. Babar expressed his gratitude to Balochistan Chief Minister Abdul Qudoos Bizenjo and the cabinet, saying the approval of Gwadar as a tax-free zone fulfilled a long-standing desire. He also encouraged the federal government to reduce federal taxes.
He believes that the tax-free zone status will revive the true essence of the China-Pakistan Economic Corridor (CPEC), encouraging activity at the Gwadar port and attracting additional investment. He stated that success in other port towns such as Dubai and Singapore was also conceivable due to their tax-free status.
In addition, Babar anticipated that the creation of companies in Gwadar would provide millions of job possibilities and bring foreign cash into the country.
Recently, Balochistan Chief Minister Mir Abdul Quddus Bizenjo endorsed a summary of the development and planning department’s recommendation that Gwadar be designated as a special economic district.
it is mentioned that the primary reason?for granting Gwadar special economic district status is to attract national and international investors and create new vistas of development and prosperity in the area.
The initiative’s goal is to accelerate Gwadar’s development and promote port-related activities.
Meanwhile, the government authorities said that?the establishment of a special economic district (SED) is critical for tourism and other service sectors.
?They stated that with the foundation of SED, the trade, tourism, real estate, and hoteling sectors will be promoted to the highest degree of competition.
The plan to designate Gwadar as a Special Economic District (SED) seeks to implement vocational programs. The official stated that?SED would create an investor-friendly climate for foreign investment in the port city.