ISLAMABAD, July 31: The government has exempted income tax on income accrued from industrial undertakings established in the vicinity of Gwadar port. The decision was taken through an income tax notification SRO755 by amending the second schedule of the income tax ordinance 2001. A new provision 126A has been added to the in Part-1 of the ordinance.

The exemption will be available on income derived by Gwadar Free Zone Company Limited; PSA Gwadar International Terminal Limited; and Gwadar Marine Services Limited, from Gwadar Port operations for a period of 20 years beginning from the year in which the company is set up or commercial operation is commenced, which ever is the later.