African countries have sought to replicate the success of east asia by implementing special economic zones sezs. The sez units shall abide by local laws, rules, regulations or byelaws in regard to area planning, sewerage disposal, pollution control and the like. The sezs are specifically treated as duty free enclaves for the purpose of industrial, service. Sez rules incorporating amendments upto july, 2010.
Duty free import of goods by sez developer for the purposes of development, operation and maintenance of special economic zone. Under the amended sez rules, a developer of an sez for sectorspecific or one or more services or in a port or airport, for every contiguous 50hectare land parcel, a developer will be allowed to add an additional sector to an existing sez. In order words, sez is a geographical region that has economic laws different from a countrys typical economic laws. The principal rules were published in the gazette of india, extraordinary partii, section 3, sub. Aprse means a registered architect, a registered structural engineer, or a registered professional surveyor, being an authorized person in the context of the buildings ordinance. Special economic zones sez incentives and exemption as company act about income tax customs duty excise duty service tax and applicable labour law, foreign direct investments and procedure of banking external commercial borrowings ecbs,sales product drugs and cosmetics to dta.
Regulations made in terms of section 741 read with section 23 requirements that must be met by a person applying for registration as a vat vendor. The central government, for the purposes of implementation of the provisions of special economic zone act, 2005 made the special economic zone rules, 2006 which came into effect from 10. Briefing to the select committee on trade and international relations 02 march 2016 1. Where an entrepreneur or developer does not utilize the goods or services on which exemptions, drawbacks, cess and concessions have been availed for the authorized operations or unable to duly account for the same, the entrepreneur or the developer, as the case may be, shall refund an amount equal to the benefits of exemptions, drawback. Yet the trend barely slowed, as sez policies adapted to the new rules, while maintaining the basic offer to investors businessfriendly environments with relief from customs and fiscal duties. Terms and conditions for availing exemptions, drawbacks and concessions to every developer and entrepreneur for authorized operations. The sez will be governed by the special economic zones authority authority whose roles shall be. The sez rules provides the simplification of procedures for development.
Despite decades of international experience, there is still no blueprint for successful sez policies, and the majority of sezs fall well below expectations. Rules and procedures governing sez construction workers. Political economy challenges and solutions oxford scholarship. Requirements for establishment of a special economic zone 1 the board may approve as such or modify and approve a proposal for establishment of a special economic zone, in accordance with the provisions of subsection 8 of section 3, subject to the requirements of. You will see in this section acts and rules on sez related to customs, excise, income tax and more. In exercise of the powers conferred by section 55 of the special economic zones act, 2005 28 of 2005, the central government hereby makes the following rules, namely. Sez rules and amendments javascript must be enabled in order for you to use the site in standard view. Amendment in sez rules 2006 dated 17th december, 2019 size. Policy on development of special economic zones in south. Introduction special economic zone sez is defined as a specifically delineated duty free enclave and shall be deemed to be foreign territory for the purposes of trade operations and duties and tariffs. Flow charts have also been used at places to make it fairly easy to understand.
In these conditions, save as the context otherwise requires. Form h bondcumlegal undertaking for special economic zone. Following the sez act,2005 came the rules in 2006 that lay down comprehensively how a zone first may be classified specifically and then establishment of a unit in that zone, the procedural requirements and other miscellaneous provisions. The government of the republic of the union of myanmar. Commerce ministry looking to revamp sez policy to facilitate exports. Gsr 54 e in exercise of the powers conferred by section 55 of. In these zones, rules of business are different, and often more liberal, from those that prevail in the national territory. Section 10 of the act and for the purpose of these rules, sez authority. They shall also comply with industrial and labour laws as may be locally applicable. Sec website pdf redirect page links to current versions of sec rules, regulations, and schedules can now be found on the following web pages, which direct users to the electronic code of federal regulations.
Special economic zones sez incentives and exemption about. The existing zone is required to provide free from all encumbrances clear title to. It has also discussed ways for implementation of the remaining recommendations of baba kalyani report on sez to facilitate ease. This chapter argues that this is largely due to flaws in the political economy of sez schemes, which prevent replication of. Duty free replenishment certificate means duty free. Typically, these zones offer advantages to investors in terms of infrastructure, special customs regimes such as duty free import and export, special regulatory regimes, and a range of fiscal incentives. The ministry is also holding talks with state governments as they have to play an important role in the development of sezs. The sez act envisages public private partnerships in the development and operation of special economic zones.
The amendment inserted subclause 6 to rule 74 which provides that the unit opting out from special economic zone shall execute a legal undertaking in form l. Rules, regulations and schedules under the securities act, exchange act and trust indenture act. Amendment in rule 42 of sez rules, 2006 dated 31st january, 2019 size. At present there eight functional special economic zones located at santa cruz maharashtra. Governance and management of a special economic zone 14 this gazette is also available free online at za staatskoerant, 9 februarie 2016 no. These preferential rules are presented in the graph below. These sezs are virtually deemed to be a foreign territory within the country, free from all the rules and regulations governing the import and export.
Analysis of the special economic zones act, 2015 background the government has put emphasis on attracting foreign direct investment fdi and fast tracking implementation of the. Special economic zone sez is an administratively separated part of polish territory where investors may run their business activity based on specific preferential conditions. In exercise of the powers conferred by section 55 of the special economic zones act, 2005 28 of 2005, the central government hereby makes the following rules further to amend the special economic zones rules, 2006, namely 1. Promoting and marketing sezs to potential developers. Given longer term funding constraints, the sez act and the sez draft strategy encourages the private sector to play an active role in the south african special economic zones programme. The kingdom of saudi arabia announced establishing a special economic zone sez at riyadhs king khalid international airport. The concept of sez is described by different countries of the world is no less than 19 different terms, such as free trade. Only units approved under sez scheme would be permitted to be located in sez. Sez regulations jamaica special economic zones authority. The sez will focus on integrated logistics and will enjoy special rules and regulations to attract multinational investors to invest in the kingdom.
And whereas the obligors can clear duty free imported goods from ports or. Proceedings of government of karnataka special economic zone. The kingdom of saudi arabia announced establishing a. The developer shall fence a free zone with the minimum height of two. The amendment inserted a proviso to rule 75 which provides that all the consignments of special economic zone shall be subject to a risk management system.
Draft sez rules to be published in part ii, section 3 subsection i of the. The act and rules provided the basic framework of establishment and management of sezs in india with drastic simplification of procedures and for single window clearance on matters relating to central as well as state governments. Special economic zone sez is a specifically delineated duty free enclave and shall be deemed to be foreign territory for the purposes of trade operations and duties and tariffs. This act was followed by adoption of sez rules, which came into effect on 10th february, 2006. Special economic zone sez is a specifically delineated duty free enclave, which shall be deemed to be a foreign territory for the purposes of trade operations and duties and tariffs. For itites sezs, there is no minimum land area requirement and the developer will be required to meet only the minimum built up processing area criteria. Amendment in sez rules 2006 dated 7th march, 2019 size.
Rules, regulations and schedules under the securities act, exchange act and. A special economic zone sez is an area in which the business and trade laws are different from the rest of the country. Kigali free trade zone or kigali free zone or kfz means the special economic zone to be developed and operated by rwanda free zones co. However, it seems javascript is either disabled or not supported by your browser. Scribd is the worlds largest social reading and publishing site. Pdf the is an collection of facts, figures and opinions about sezs being. Nov 05, 2004 duty free import of goods by sez developer for the purposes of development, operation and maintenance of special economic zone. Besides, it dwells light on the ideology behind special economic zones in india and salient features of the schemes of sez in a crisp and pointed manner followed by comprehensive sectionbysection analysis of the sez act, 2005 read with sez rules, 2006. Keys is committed to providing a workplace free of sexual harassment as well as harassment based upon such factors as race, color, religion, sex, national origin, ancestry, age, medical condition, sexual orientation, gender identity or expression. Sez rules and amendments amendment in rule 53 of sez rules, 2006 dated 31st december, 2019 size. Sep 19, 2018 ministry of commerce and industry department of commerce notification. Special economic zones rules, 2006 tax management india.
The benefits of various taxes available to a developer or a unit are also given in the sez rule. Sezs an engine for economic growth supported by quality infrastructure complemented by an attractive financial package with. Special economic zones sez rule 2006 with forms and annexure. Section 2za definition of sez rule 185 activities allowed in ftwz and foreign currency transactions clause 0 supply of goods against free foreign exchange by an ftwz unit instruction no.
The special economic zones act, 2005 ministry of commerce. Jul 08, 2005 the objective of the sez act was to create a hassle free regime and the rules would be formulated keeping this in mind. The information given in the formats for annual performance reports should be authenticated by the authorised signatory of the unit and certified by a chartered accountant or cost accountant. Special economic zone in terms of subsection 8 of section 3 shall be the following, namely. Welcome to special economic zone sez india was one of the first in asia to recognize the effectiveness of the export processing zone epz model in promoting exports, with asias first epz set up in kandla in 1965. Provided that in case a special economic zone is proposed to be. Sez rules 2006 are the rules which lay down the complete procedure which an individual is required to follow if one intends to develop the sez or one intends to establish a unit in sez. Reviewing applications and granting licenses to sez developers, operators and enterprises. Sezs are projected as duty free area for the purpose of trade, operations, duty and tariffs. Special economic zone sez special economic zones rules, sez 2006 new delhi, the 10th february, 2006 g. Under the amended sez rules, the minimum contiguous land area requirement for multiproduct and sectorspecific sezs has been reduced by half. With a view to overcome the shortcomings experienced on account of the multiplicity of controls and clearances. In exercise of the powers conferred by section 55 of the special economic zones act, 2005 28 of 2005, the central government hereby makes the following rules further to amend the special economic zones rules, 2006, namely.
Investors located in the special economic zones are overned by the myanmar special economic zone law and rules. The kingdom of saudi arabia announced establishing a special. Myanmar citizen investment law and other investment laws shall not be. The sez act and the sez rules, 2006 sez rules were notified on february 10, 2006. Sezs are located within a countrys national borders, and their aims include increased trade balance, employment, increased investment, job creation and effective administration. Consideration of proposals for setting up of unit in a special economic zone. These rules shall be called the myanmar special economic zone rules. A special economic zone sez is a geographically bound zone where the economic laws in matters related to export and import are more broadminded and liberal as compared to rest parts of the country. It must contain the licenses, registrations or permits required by the service or business to conduct its operations as well as a business plan. In exercise of the powers conferred by section 55 of the special economic zones act, 2005 28 of 2005, the central government. A special economic zone sez is defined as a geographically designated areas of a country set aside for specifically targeted economic activities, which are then supported through special arrangements which may include laws and support systems to promote industrial development. Tsmc stipulates the matters related to thilawa sez by issuing notifications, orders, directives and procedures in accordance with the sez law and rules.
These rules shall be called the myanmar special economic zones rules. Special economic zones rules lincoln legal services myanmar. Procedure applicable on import or procurement of goods and services, their admission, and clearance of goods. In order to locate to an sez, the application must be in writing and be submitted to the chairperson of the relevant sez board and comply with the act and the guidelines in the regulations. Laws and regulations thilawa sez management committee. Ministry of commerce and industry department of commerce notification. Amendment in sez rules 2006 dated 9th november, 2018 uploading.
630 75 1492 785 60 1628 1456 438 1410 1047 1601 303 225 401 395 1272 853 155 1242 1361 1140 755 465 1448 771 1383 1163 876 954 102 734 980 1459 293 902 550 1027 303