Govt. Grants 23 Years Tax Exemption to a Chinese Company in Gwadar – Research Snipers

Govt. Grants 23 Years Tax Exemption to a Chinese Company in Gwadar

tax exemption

The government has given a tax exemption to the China Overseas Ports Holding Company—COPHC for 23 years for helping them to form their industrial units at the Gwadar port.

The announcement was made by the federal minister for Maritime Affairs—Ali Haider Zaidi.

Zhang Baozhong—the chief executive officer of COPHC, Hammad Azhar—the Minister for Economic Affairs accompanied by Mr. Zaidi told a press conference on Tuesday that COPHC would be getting a tax exemption for the machinery installation and other equipment at the port.

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He said that the measure is a step towards the relocation of the Chinese manufacturing industry to Gwadar and to engage the local labor. The move would be boosting the economy of Pakistan.

The minister said that COPHC would be setting up a desalination plant at a cost of Rs.1.95billion for providing 5,000gallons of water per day to the people.

He announced that China would be building a Pakistan-China Technical and Vocational Training Institute in Gwadar at a cost of nearly $10million, which would be opening job opportunities for locals. He said that nearly 360 students equipped with technical skills would pass out from the institute per year.

He also said that Pakistan-China Friendship Hospital would also be forming on a 68-acre land at an approximated cost of $100million. Also, he said that a coal power plant for producing 300MW electricity would be established in Gwadar.

Nearly 40percent of the construction work on the Eastbay Expressway has been completed while the rest would be finished by December 2020, he added.

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