Pakistan Textile City applies for tax holiday

According to Pakistan’s “Business Chronicle” report: Pakistan Textile City Co., Ltd. has applied to the government to obtain special economic zone status in order to provide a 10-year tax holiday for domestic and foreign investors who settle in the Textile City. According to reports, there are currently many domestic and foreign investors interested in investing and setting up factories in the Textile City, and some Chinese investors are negotiating on investment matters. However, these investors associate the Textile City with the special economic zone, because investors in the special economic zone are exempt from paying income tax for 10 years and enjoy tax-free imports of machinery and equipment. To this end, Textile City Ltd. has formally submitted an application to the Sindh Investment Board seeking Special Economic Zone status. The Sindh Investment Commission will submit the project to the Pakistan Investment Commission for approval after preliminary review. Pakistan Textile City Co., Ltd. was established on May 18, 2004. It is a state-owned non-listed enterprise. Its main task is to implement professional management of the value-added textile product production area in Port Qasim.