World Free Zones Organization | Latest News

August 2022.

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World Free Zones Organization News

Includes video referencing how the creation of special economic zones are strategic are in expanding the economy.

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Australian mining is critical to nation’s future

The mining industry is the backbone of the Australian economy paying the highest average wages and contributing billions in taxes and royalties each year. The industry continues to pay the highest on average wages, the most company tax, delivers the most export revenue and was critical to supporting regions and communities, including providing 1.1 million jobs in the mining, mining equipment, technology and services sector.

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World Free Zones Organization News

Link to current newsletter.

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TECH HUBS Africa: Can studying China’s first SEZ give insight into the continent’s economic recovery?

A remarkable example that benefited from the first high-tech fair was Tencent, China’s Internet giant headquartered in Shenzhen. In an in-person interview with Tencent’s Founder, Ma Huateng, and the company’s key management on 2 August 2019, Mr Ma shared with me and my research team that the “high-tech fair in 1999 helped make Shenzhen known to the outside world as a city developing in the technology direction. Tencent searched for funding opportunities at the first high-tech fair and attracted the interest of IDG Ventures China and PCCW.” Shenzhen’s developmental success as China’s first SEZ demonstrates one SEZ success ingredient: Shenzhen local government officials were seen as that city’s entrepreneurial pioneers.

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STZA hopes for incentives from new government

The visiting delegates were briefed about Special Technology Zones being developed by STZA across Pakistan and the special fiscal and monetary incentives, including but not limited to 10-year tax and duty holiday, and support being offered to domestic and foreign tech companies in the Special Tech Zones. “If companies such as Google enter Pakistan with a range of products, then startups would take further boost in the country. Moreover, jobs would also be created,” Hashmi added.

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An Insight Into SEZs

Special Economic Zones (SEZs) were established in many countries as testing grounds for the implementation of liberal market economy principles. While viewed as economic policy tools for enhancing the acceptability and credibility of industrial transformation policies, attracting domestic and foreign investment and also for the opening up of the economy, SEZs also seek to promote the value addition component in exports, generate employment, encourage import substitution as well as mobilise foreign exchange in the countries for Balance of Payments support.

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UAE Corporate Tax law will continue incentives for free zone based entities

The UAE Ministry of Finance (MoF) has released a public consultation document inviting comments from stakeholders on the proposed legislation. A progressive step by the Ministry, which provides an opportunity for businesses to play a key role in formulating the UAE Corporate Tax law.

While there is no tax on individual income, income from activities carried out by individuals through a commercial license would attract the tax. Further, federal and emirate governments, their departments, and companies carrying out sovereign activities, companies engaged in the extraction of natural resources, charities, pension funds, investment funds (subject to conditions) would be exempt.

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Positive factors powering gas’ price rise

Australian gas prices, especially along the eastern seaboard, have also been trending up and look like rising further as demand outstrips supply, which is why Gina Rinehart, one of Australia’s richest people dived into the gas market last year as a partner with Korea’s steel giant Posco in the takeover of Queensland gas producer Senex Energy. Rinehart’s move on Senex was well timed with oil trading around US$70 a barrel when it was first reported to US$105/bbl today.

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World Free Zones Organization News

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