17 January 2023.
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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.
Read moreAustralian 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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Link to current newsletter.
Read moreAn 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.
Read moreUAE 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.
Read moreResources, energy export earnings set for record $425bn
Australia’s resources and energy export earnings are forecast to surge to a record high $425 billion for 2021-22. Minister for Resources and Water Keith Pitt said the latest forecast, from the Department of Industry, Science, Energy and Resources’ March 2022 edition of the Resources and Energy Quarterly (REQ), is up a stunning 12 per cent on the December 2021 REQ projection of $379 billion. “The March 2022 REQ has found that soaring demand and high prices for Australia’s gas, coal and oil are a key contributor to our record export earnings. In short our resources sector is knocking it out of the park and underpinning our economic growth, our energy security and our national security,” Minister Pitt said.
Read moreWorld Free Zones Organization January 2022 Newsletter
Link to current Newsletter.
Read morePNG Government Grants Special Economic Zone status to Central Cement and Lime Project
Managing Director Paul Mulder said “I greatly appreciate the leadership of the PNG Prime Minister & Minister for
Bougainville Affairs & Defence, Hon. James Marape, in the establishment of this SEZ, as it sets the right conditions for
large scale investment to thrive and catalyse down-stream processing in the SEZ that will particularly benefit the
people and the manufacturing industry in PNG.”
Pilbara iron ore powering Australia’s economy
Iron ore is Australia’s single largest commodity export and is forecast to earn Australia around A$700 billion over the six years to 2025-26. Iron ore supports 45,600 direct Australian jobs and is a major employer of Indigenous Australians.
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