LAHORE: The Punjab authorities has appointed two individuals, representing business, as members of the Particular Financial Zones Authority (SEZA).

With the appointment of two impartial members, the structure of the authority has been accomplished, paving means for it to take coverage choices on SEZs independently, Daybreak has learnt.

“It’s obligatory to take two individuals from the non-public sector (business) for the SEZA. So with their appointment, the structure of the authority has been accomplished. The opposite characterize the senior officers involved from public sector as ex-officio members,” Jalal Hassan, Punjab Board of Funding and Commerce (PBIT) CEO, informed Daybreak.

Based on a notification, the 2 members, appointed by the chief minister for the authority included Mr Sohaib Sheikh, director (shopper advertising and marketing and company communications, Highnoon Group) and Mr Salim Hamani, proprietor, ALIEL / Gemological (gemology, diamonds and colored stones), Gemological Institute of America (Italy). The appointment of those members shall be efficient instantly.

It deserves mentioning that the authority had been made below an act promulgated on Sept 13, 2012. Later, in the identical 12 months the SEZ guidelines have been additionally notified.

The legislation has enabled federal or provincial governments to represent SEZAs themselves or in collaboration with the non-public sector below totally different modes of public-private partnership or solely by the non-public sector.

The fiscal advantages below the SEZ legislation embody a one-time exemption from customs duties and taxes for all capital items imported into Pakistan for the event, operations and upkeep of a SEZ (each for the developer in addition to for the zone enterprise) and exemption from all taxes on revenue for a interval of 10 years.

Revealed in Daybreak, October 1st, 2022