Exports from SEZs grew 18% in February 2018
The Dollar Business Bureau India’s exports from the Special Economic Zones (SEZs) has witnessed an increase of 18% in the month of February this year as compared to the same month last year, on the back of a good growth in the shipments of electronics, non-conventional energy products and tobacco related products. “The SEZ sector in the country has registered 18% growth in exports in February 2018 vis-a-vis the same period in 2017,” according to the latest Exports Performance Report released by the Export Promotion Council for EOUs & SEZs (EPCES). “In February, the total exports from all the SEZs amounted to Rs.22364 crore as against Rs.18990 crore in the same month last year,” the report said. The major sectors that witnessed a significant ...
EPCES, ASSOCHAM sign MoU on mutual collaboration and information sharing
The Dollar Business Bureau Export Promotion Council for EOUs and SEZs (EPCES) and the apex industry body, The Associated Chambers of Commerce & Industry of India (ASSOCHAM) on Friday signed a memorandum of understanding (MoU) collaborate together to actualise a shared agenda consisting of wide ranging activities of mutual benefits. Speaking on the occasion, Vinay Sharma, Officiating Chairman EPCES said, “There has long been a need felt to effectively tap the benefits of the already existing synergies between EPCES and ASSOCHAM - the two leading industry bodies of the country. “And in this regard, I am fully confident that the agreement would henceforth play a catalytic role in furthering this shared vision of the two organisations. Going forward, I am certain that the ...
Conducting inter-departmental discussions to address SEZ's woes: Prabhu
Ahmad Shariq Khan Lauding the work of SEZ/EoU fraternity in shoring up India’s exports, Commerce and Industry Minister Suresh Prabhu on Monday assured the sector’s stakeholders that the Government is looking into their concerns, particularly those relating to imposition of alternate minimum tax (MAT), dividend distribution tax (DDT) and introduction of the sunset clause. “Leaving aside some complaints about the misuse of the SEZ policy, the Government still believes that the idea of SEZ holds good for the Indian economy. Therefore, we are conducting interdepartmental discussions with respective ministries, including finance ministry, on how to best to ease the tax pressure on the SEZs/EOUs,” Prabhu said while speaking at Export Awards organised by Export Promotion Council for EOUs & SEZs (EPCES) in New Delhi. Urging the ...
Exports from SEZs grew 21% in December: EPCES
The Dollar Business Bureau Exports from special economic zones (SEZs) recorded a growth of 21% in the month of December 2017 as compared to the same period a year ago, according to a report by Export Promotion Council for EOUs & SEZs (EPCES). The SEZ sector registered a 21% growth in exports in the month of December 2017 vis-a-vis the same period in 2016, EPCES said a statement. “For financial year 2017-18 till December, the sector registered a growth of 15% over the preceding year,” it added. During the period April-December 2017, the major sectors that has recorded the highest growth in exports include non-conventional energy (82%), trading and services (24%), computer/electronic software (18%), engineering (17%), electronics and hardware (15%), plastics and rubber (14%) ...
EPCES asks the Govt to remove minimum alternate tax
The Dollar Business Bureau The Export Promotion Council for EOUs and SEZs (EPCES) asked the Government to remove minimum alternate tax (MAT) and continue tax incentives that have been enjoyed by the units in these zones. “The Government should reconsider the restoration of the original Special Economic Zone (SEZ) Act as it can help the sector and generate employment,” said Vinay Sharma, Officiating Chairman, EPCES. The Government should reconsider the industry’s demand for restoring tax benefits in order to support the sector’s growth and creating jobs as the Union Budget 2018-19 did not bring any concrete measure, EPCES said in a statement. “The budget has absolutely nothing important for the SEZs despite flagging the key issues affecting the sector,” it said. ...
A little bit of push can do wonders for SEZs: Vinay Sharma, EPCES
Ahmad Shariq Khan Apart from doing justice to its given mandate of earning precious foreign exchange for the country, the units in SEZs and the EOUs are playing a critical role not just in economic development of the country but also in nation building, and with a little push the sector can do wonders for the country’s economy, said Vinay Sharma, Acting Chairman, Export Promotion Council for EOUs and SEZs (EPCES). According to Sharma, unlike many Govt projects that have so far made not much progress including the recently announced manufacturing hubs that have long gestation periods and the coastal manufacturing hubs that are yet to see the light of the day, SEZs offer ease of doing business (EODB) in the true ...
Govt assures SEZs, says issues to be resolved soon
Imposition of DDT/MAT on SEZs has damaged investor –friendly image of the SEZs among the foreign and domestic investors The Dollar Business Bureau Central Board of Direct Taxes (CBDT) is considering EPCES’ proposals of terminating all Direct Tax Benefits for SEZs The government on Friday assured the Special Economic Zones (SEZs) sector to resolve all paramount issues including DDT/MAT, which have adversely affected the SEZ’s growth and dented the investors-friendly image of the sector. On Friday, Export Promotion Council for EOUs and SEZs (EPCES) met Commerce Minister Nirmala Sitharaman to discuss and resolve key issues related to EOUs and SEZs. The delegation, led by EPCES Chairman P C Nambiar, stressed that dividend distribution tax (DDT) and minimum alternate tax (MAT) imposed ...
Commerce Ministry wants sunset clause for SEZs to go
The Commerce Ministry has suggested that the sunset clause should not be invoked for SEZs as it would have adverse bearing on exports from these zones Source:PTI The ministry has also asked for removal of the minimum alternate tax (MAT) of 18.5% on SEZs book profits for five years. Bolstering its case against the proposed sunset clause, the Commerce Ministry has called upon its finance counterpart not to abolish the tax incentives being enjoyed by SEZs as their removal would hurt exports and employment generation. The government is considering gradually doing away with tax exemptions to various sectors, including special economic zones (SEZs), and reducing the corporate tax to 25% from 30% over four years. The Commerce Ministry, in its Budget recommendations, has suggested ...
