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ISLAMABAD - Prime Minister Syed Yousuf Raza Gilani has declared Larkana Industrial Estate as a tax-free zone for a period of 10 years.
Established in 1964-65 and spread over an area of 59 acres, Larkana Industrial Estate is yet to attract investment for establishing industries.
The premier has approved the duty free zone of Larkana in a bid to give support to businessmen of the city. The package is part of other projects approved for progress and development of Larkana city.
An income tax notification of SRO741 of 2008 has been issued to amend the Income Tax Ordinance 2001 for implementation of the decision.
According to the decision, profits and gains would be derived by a taxpayers from an industrial undertaking set up in Larkana Industrial Estate between July 1, 2008, and June 30, 2013 for a period of 10 years beginning with the month in which the industrial undertaking is set up or commercial production commenced, whichever is the later.
Exemption under this clause shall apply to an industrial undertaking which is owned and managed by a company registered under the Companies Ordinance 1984 (XLVII of 1984) and formed exclusively for operating the said undertaking, added the notification.
The duty-free facility is expected to make it an attractive place for domestic and international investors.
The zone already provides the provision of all basic utilities for the scheme, like water, gas and electricity.
A.A.H.
