Republic act ra 7916, otherwise known as the special economic zone. The union cabinet has approved promulgation of an ordinance to amend the definition of person, as defined in subsection v of section 2 of the special economic zones act, 2005. An act to provide for the establishment, development and management of the special economic zones for the promotion of exports and for matters connected therewith or incidental thereto. All privileges, benefits, advantages or exemptions granted to special economic zones under republic act no. The special economic zones act, 2005 ministry of commerce. Piyush goyal, minister of commerce and industry on june 24, 2019. Maldives, where the sez law was adopted in 2014, has proposed several sez projects. Part hthe special economic zones 4declaration of special economic zones. The special economic zones sezs have been recognized as an effective tool for increasing exports. Special economic zones sezs or industrial parks can be an effective instrument to promote industrialization if implemented properly in the right context, as shown in some of the emerging countries, particularly those in east asia. Special economic zones act, 2005 it is defined as an act to provide for the establishment, development and management of the special economic zones for the promotion of exports and for matters connected therewith or incidental thereto. The sez will be governed by the special economic zones authority authority whose roles shall be. The act which will come into operation on 15 december 2015 provides for the establishment of special economic zones sezs. The world bank uses the term sez to encompass a variety of types of economic.
The role and effectiveness of stateowned export processing zones epz and special economic zones sez in tanzania is examined in this paper. In exercise of the powers conferred by section 55 of the special economic zones act, 2005 28 of 2005, the central government hereby makes the following rules further to amend the special economic zones rules, 2006, namely. The role and effectiveness of special economic zones in. These include 21 agroindustrial economic zones, 216 it parks and centres, 64 manufacturing economic zones, 19 tourism economic zones, and two medical tourism zones as of may 2015. Industrialization is expected to be an important catalyst in increas. Sids economies without established sezs are considering new schemes. Authority means the zimbabwe special economic zones authority. Special economic zones act 2014draft 1 an act to repeal chapter 5, liberia industrial free zone authority, of title 30, public authorities law, liberian code of laws revised and to enact in lieu thereof a new chapter 5 to be known as the special economic zones act of 2014 preamble. Sez license means a license granted by the authority for the purpose of developing or operating a special economic zone.
An act to provide for the establishment, development and management of the special. Special economic zones act 16 of 2014 south african. In order to facilitate local and foreign direct investments, the government of the philippines enacted the special economic zone act republic. The political economy of special economic zones journal. Special economic zones amendment act, 2019 pdf size. The impacts of special economic zones evans school of. This act may be cited as the special economic zones act chapter 14. Through this act, the zimbabwe special economic zones authority was established to oversee and assist companiesinvestors keen to conduct business in these areas. They are established with an aim to purport development, promote rapid economic growth by providing tax and business incentives for attracting foreign technology along with investment. Authority means the special economic zone authority established by section 5 authorization means a licence, an authority or an approval, issued by the.
The free port status shall not be vested upon the new special economic zones. Historical development of free zones in honduras 48 performance 49 key success factors 54 challenges for the future 61 conclusion 65 notes 67 references 68. Although the bwm zone is a designated sez, the firms operating in it are epz firms exporting 80% of output at a minimum as per the legal requirement. Be it enacted by parliament in the fiftysixth year of the republic of india as follows. The act will come into operation on 15th december, 2015. This act may be cited as the special economic zones act, 2015 and shall come into operation upon the explry of ninety days from the darc of its publication. Philippines economic zone authority peza alone owns three ecozones and administers the incentives for over privately300 managed zones. Reviewing applications and granting licenses to sez developers, operators and enterprises. It amends the special economic zones act, 2005 and replaces an ordinance that was promulgated on march 2, 2019. A special economic zone sez is a geographical region that has economic laws more liberal than a countrys typical economic laws. Sez act on 11 september 2015 and the act was subsequently published on 15 september. Implications for modeling the law and governance of sezs, in carter, c. Benefits accruing to a special economic zone enterprises, developers and operators.
Progress, emerging challenges, and future directions. Tanzanias objective is to become a middle income, semiindustrialized nation by 2025. Special economic zones act arrangement of sections part i preliminary section 1. Be it enacted by parliament in the fiftysixth year of the republic of india as. Promoting and marketing sezs to potential developers. Creation of economic zones senate of the philippines. In particular section 4 puts the responsibility on the special economic zones authority zimseza to run the operations and management of sezs. Goods to be considered as exported and imported into kenya. In order to make the package of fiscal benefits and incentives to the sezs more effective, the government of india enacted the special economic zones act in 2005. Sez to facilitate agricultural sector and relates activities and services. Entities licensed under seza are entitled to various benefits among them exemption from value added tax. Special economic zones act, 2015 seza or the act on 11 september 2015. Sources of funds of the special economic zones fund the special economic zones fund consists of money voted by parliament as part of the 5 appropriation.
In the last six months, over 100 approvals have been granted for. Act of 1995, authorizes the establishment of ecozones in strategic locations and. Published by the national council for law reporting with the authority of the attorney. Recently, after the enactment of the special economic zones act, 2005 sez act, which made several facilities and benefits available, several industrial houses have shown keen interest in setting up sezs and sez units. The gazette of india ministry of commerce and industry. Special economic zones act, 2012 board of investment. Analysis of the special economic zones act, 2015 kpmg. Republic of the philippines special economic zones. An act to provide for the establishment of the zimbabwe special economic zones authority and to provide for the functions thereof.
The president assented to the special economic zone act, 2015. Executive committee of the special economic zone us foreigntrade zones board was established under the foreign trade zone act between the ministry of commerce of the united states and the ministry of finance of the united states belonged to import administration, the united state department of commerce. Areas declared as a special economic zones may be designated as a single sector or multiple sector special economic zones and can cover the following sectors agricultural zone. In this act, unless the context othennise requiresauthority means the special economic zones authority established under section 10.
Licensed entities under the seza will be able to bene. Special economic zones sezs are generally defined as geographically delimited areas administered by a single body, offering certain incentives dutyfree importing and streamlined customs procedures, for instance to businesses that physically locate within the zone. The special economic zones amendment bill, 2019 prsindia. To begin with, the special zones act was enacted in november 2016 as part of the governments efforts to engage foreign investors and, reversing the countrys economic decline. The need for this act was well highlighted in the arguments by one of the counsels in a recent case biomedical lifescience pvt vs union of india, in order to give a long term and stable policy framework with minimum regulatory regime and to provide expeditious and single window clearance mechanism, a central act for special economic zones. Economic zones for the promotion of exports and for matters connected.
To enable the setting up of a unit in a special economic zone by a trust. Section 2, 3 and 4 deals with who we are and how we are constituted. The special economic zones regime part i tax concessions the special economic zones sez act, 2016 came into effect on august 1, 2016 developers and occupants of sez to pay income tax at 12. An act to provide for setting up and operation of special economic zones in pakistan whereas it is necessary and expedient to promulgate a law for the creation, development and efficient operation of special economic zones through provision of a legal and regulatory frame work to encourage domestic and international investors for. The special economic zones amendment bill, 2019 was introduced in lok sabha by mr.