QUETTA: The Balochistan government on Saturday declared Gwadar district as a tax-free zone, urging the Centre to grant the region a similar economic status.

In a statement, the Balochistan government said that Gwadar will be from services and excise tax, and any tax on property transfers, urging the federal government to grant the region a similar economic status.

Senator Kauda Babar, who belongs to district Gwadar, lauded the provincial cabinet’s decision as a welcome step.

The Senator said the cabinet’s approval of Gwadar as a tax-free zone was the fulfillment of a long-standing demand. He further urged the federal government to provide relief in federal taxes.

Gwadar Tax Free Zone Rules 2021 issued

Kauda Babar expressed his belief that the status of a tax-free zone is likely to revive the true spirit of the China-Pakistan Economic Corridor (CPEC), stimulating activity at the Gwadar port and attracting further investment.

He predicted that the establishment of industries in Gwadar would create job opportunities for millions and bring foreign exchange into the country.

SPECIAL ECONOMIC DISTRICT STATUS TO GWADAR: Earlier, Balochistan Chief Minister Mir Abdul Quddus Bizenjo approved a summary of the planning and development department giving a special economic district status to Gwadar.

Meanwhile, the Chief Minister of Balochistan has approved the summary of granting the status of Special Economic District (SED) to Gwadar for the development of Gwadar city and the promotion of port-related activities.

A handout issued here on Saturday said that through this initiative, trade, tourism, real estate, and hotelling sectors will be promoted in the province.

SED will also help in providing an investor-friendly environment for foreign investment.

The handout further said this initiative will encourage exemptions on federal and provincial taxes for industrial activities

Investors will also be able to get a discount on the visa policy, it maintained.