Some developing countries subject to the 2015 deadline have tried unsuccessfully to reform their
EPZ statutes.
The first Brazilian company that has committed itself to the Mariel
EPZ is glassmaker Fanavid SA, which is getting a $220 million credit to proceed with that venture.
The minister said although some of the companies which currently enjoy the
EPZ status did well, the overall finding of the draft study is that the fiscal incentives enjoyed by the companies created a net loss to the country.
The
EPZ offers exemptions from import and export taxes on equipment, materials and operations, with special financial privileges and tax incentives.
According to a top official FIEDMC would provide state of the art facilities like uninterrupted power, off-shore bank branches and customs office etc, besides tax incentives as envisaged in
EPZ Act.
With 32 firms including ASE Group, NXP Semiconductors Taiwan Ltd., and Orient Semiconductor Electronic, the Nanzih
EPZ is composed of semiconductor foundries and testing & packaging manufacturers, which account for 90% of output value at the zone.
Many people do not know that some of the best brands we have globally are manufactured here in the country through the
EPZ. They include Tommy Hilfiger, Calvin Klein, and Walmart and Macy's
Document available with Pakistan Today reveal that the regional office of Customs in Peshawar had received an information to the effect that China Pakistan Tobacco Ltd, an industrial concern located in
EPZ, Risalpur is involved in misusing the exemption of duty and taxes available to units operating in the
EPZ by illegally removing duty free imported goods.
The fire originated from the 4th floor of the carton factory under
EPZ area in the port city, he added.
Kema has also complained of high wages in Kenya that he rated at an average minimum of Sh22,000 compared to Ethiopia and Madagascar at Sh6,000 and Sh8,000 respectively.Despite concerns by the firms over high labour costs, a 2017 report by the
EPZ Authority showed that there were glaring disparities in what expatriates and local people earn in the economic zones.
The establishment of Free Trade Zone, and Export Processing Zone (
EPZ) will open the doors for development of small, medium and large scale industries generating revenue for the government and providing profitable avenues for both the skilled and non-skilled workforce in Balochistan.