Finance Minister opposes amendment of SEZ Act

We are now looking at issuing new guidelines on SEZs and are conducting very serious negotiations with the revenue department. Very soon there will be revised guidelines where we will restore interest and their attractiveness. We will see how we can make SEZs viable for investors… guidelines will have greater degree of clarity, Sharma had said on Tuesday while addressing a business forum in Czech Republic.

The commerce ministry wants to announce a revised SEZ policy,which substantially liberalises land requirement and other norms. However,the revenue department under the finance ministry argues that such policy will only encourage industry to get an SEZ status to avail tax breaks among other benefits.

According to sources,If the commerce department wants any amendments to the SEZ act,then they should take the matter to the Cabinet and get an approval. A point which commerce ministry has been opposing all through out.