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What Is There In The SEZ Act?
In an effort to level the playing field and prevent any abuse of SEZ advantages, the recently passed Special Economic Zones (SEZ) Fifth Amendment Act, which went into effect in December 2023, eliminates tax benefits for IT/ITES infrastructure and subjecting non-processing area companies to domestic rules. Although it replaces the amendment from 2022 that permits work-from-home flexibility, there is disagreement on how it will affect SEZs and the IT/ITES (Information Technology Enabled Services) sector.
Eliminates tax benefits for IT/ITES SEZs’ common infrastructure and facility upkeep and operation. Applies the same rules to IT/ITES companies operating in SEZ non-processing regions as they do to companies operating in the domestic tariff area.
The latest modifications are merely the start of a longer reform process for Special Economic Zones. To further encourage investments and promote development, the government is anticipated to enact more rules and incentives in the upcoming months. No doubt, this will lead to even more prospects for all parties involved in the real estate industry. SEZs appear to have a bright future ahead of them, offering a win-win situation for companies, investors, developers, and the economy at large, with a focus on uncovering hidden value, drawing diverse tenants, and encouraging collaboration.
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