KATHMANDU, March 24: A cabinet meeting two weeks ago approved Special Economic Zone (SEZ) Bill 2015 defining facilities for the industries to be set up in the SEZ.
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The Bills Committee of the cabinet approved the bill on March 13. Now the bill will be tabling in the parliament for approval.
However, it is not clear when the next parliament session will sit as parties are divided on the constitution drafting process.Joint Secretary of the Ministry of Industry Jit Bahadur Thapa said that new law will pave the way for im-plementation of SEZ as well as to draw foreign investment.
The government had invited letter of intent from industrialists to set up industries at Bhairahawa SEZ in Jan-uary.
But it has received lukewarm response from industrialists due to lack of defined facilities in the law for industries to be set up at the SEZ.
Industries in the SEZ have to export at least 75 percent of their production.
They will enjoy income tax exemption for the first five years and discount on rent.
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