India's Largest Database on New Projects
SEZ developers get more time to execute projects
23 November 2010: The Board of Approval (BoA) has given more time to as much as 184 SEZ developers to execute their projects.
The BoA depending on merits of each case, have permitted extension of validity of approval of 184 SEZs beyond the initial three years. Requests for extension of validity period beyond the initial period of three years have been received from developers citing global economic slowdown/delay in getting requisite clearances etc. as grounds for extension.
Interest in SEZs, which give substantial tax benefits to units and developers, is also on the decline, as the draft Direct Taxes Code (DTC) of the Union Government proposes to curtail the sops. The DTC Bill, if cleared by Parliament, will overhaul the country’s Income Tax Act. The SEZs have emerged as major sources of attracting investments and increasing exports.
Source: Hindu Business Line