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SEZ is considered to be a place outside India for all tax purpose. Within SEZs, a unit may be set-up for the manufacture of goods and other activities including processing, assembling, trading, repairing, reconditioning, making of gold/silver, platinum jewellery etc. As per law, SEZ units are deemed to be outside the customs territory of India.
In Pakistan, the SEZ Act was established on 13 September 2012, alongside the subsequent notification of SEZ Rules within the same year. [1] [2] SEZs in Pakistan.
On April 27, 2020, The IFSCA was established as a statutory body under the International Financial Services Centres Authority Act, 2019. [8] On April 27, 2020, inauguration of the IFSCA by the Finance Minister of India, Nirmala Sitharaman. [7] On May 27, 2020, the IFSCA released its first set of regulations, namely the IFSCA Regulations, 2020.
It was conceptualized by Nepal Government in 2013 and laws were formulated in 2016 in the form of Special Economic Zone Act (2016). The laws were subsequently revised in 2019. [ 1 ] The industries inside the Special Economic Zones are given various facilities and in return they have to commit to export a minimum of 60% of their production to ...
The definition of an SEZ is determined individually by each country. According to the World Bank in 2008, the modern-day special economic zone typically includes a "geographically limited area, usually physically secured (fenced-in); single management or administration; eligibility for benefits based upon physical location within the zone; separate customs area (duty-free benefits) and ...
The category 'SEZ' covers a broad range of more specific zone types, including free-trade zones (FTZ), export processing zones (EPZ), free zones (FZ), industrial estates (IE), free ports, urban enterprise zones and others.
The Bangladesh Economic Zones Act of 2010 created the Bangladesh Economic Zones Authority (BEZA) under the Prime Minister's Office.It was intended to accelerate economic growth by overseeing the development of 100 new economic zones by 2025.
The four aforementioned special economic zones were all established from 1980 to 1981. As of 2024, there have been 3 additional special economic zones. In 1988, Hainan became the fifth SEZ. In 1990, Pudong district in Shanghai became the sixth "SEZ". In 2009, Binhai district in Tianjin became the seventh SEZ.