Direct tax code 2009 : Commerce ministry suggests regarding SEZ
Commerce ministry has written to finance ministry to retain all the fiscal incentives for the special economic zones in the new direct tax code. Commerce ministry wants to continue all the benifits of SEZ should continue in coming Direct Tax Code 2009.
In the current SEZ act, the export oriented units in these zones are given 100 per cent tax exemption on their income for the first five years and 50 per cent in the next five years. Another 50 per cent exemption is given on the ploughed-back profits for five years after 10-years.
Till now a total of 579 SEZs have been approved and 335 of them notified. The SEZs have attracted an investment of over Rs 1.10 lakh crore and exports from the units were valued at around Rs 1.00 lakh crore in 2008-09.
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