The Balochistan government on Saturday declared Gwadar district as a tax-free zone, urging federal authorities to grant the region a similar economic status.
According to the Balochistan government, Gwadar will now be exempt from services and excise tax, and any tax on property transfers, a significant development for the district which is of immense importance in the region and slated to become a hub for investment in South Asia.
Senator Kauda Babar, who belongs to district Gwadar, lauded the provincial cabinet’s decision as a welcome step.
Expressing his gratitude towards Balochistan Chief Minister Abdul Qudoos Bizenjo and the cabinet, Babar said the cabinet’s approval of Gwadar as a tax-free zone was the fulfillment of a long-standing demand. He further urged the federal government to provide relief in federal taxes.
He predicted that the establishment of industries in Gwadar would create job opportunities for millions and bring foreign exchange into the country.
He mentioned that the progress in other port cities like Dubai and Singapore was also possible due to their status as tax-free zones.
In addition, he predicted that the establishment of industries in Gwadar would create job opportunities for millions and bring foreign exchange into the country.
Earlier last month, Balochistan Chief Minister Mir Abdul Quddus Bizenjo approved a summary of the planning and development department giving a special economic district status to Gwadar.
A major reason behind giving a special economic district status to Gwadar is to attract national and international investors and open new vistas of development and prosperity in the area. The objective of the initiative is the fast track development of Gwadar and promotion of port related activities.
The development came on behalf of the Balochistan government, following the massive development activities currently underway in Gwadar to make the China-Pakistan Economic Corridor (CPEC) a success.
Gwadar deep sea port has opened new vistas of development and prosperity in the region. It has so far provided jobs to thousands of youth from Balochistan and other parts of the country.