Prem15 Mar 2021 09:51
IMO this is a must for Zulu :
Special Economic Zones Act
This is an ACT that governs investments in sectors of the country that have been declared Special Economic Zones by the SEZ Board. These are areas in which business and trade laws are different from the rest of the country. The SEZs are located within the country's national borders and their arms include increased trade, increased investment, job creation and effective administration. As a way to encourage businesses to set up in these zones, financial policies are introduced as well as special incentives. The benefits a company gains by being in a special economic zone may mean that it can produce and trade goods at a lower price.
The SEZs have their own laws that apply in those areas that are different from the rest of the country. These policies typically regard investing taxation, trading quotas, customs and labor regulations. The SEZ Authority has a duty to establish the Special Economic Zones, to attract Foreign Direct Investment in Special Economic Zones and also to grant investment licences to Special Economic Zones among other things.6 The period for validity of an investment licence in a special economic zone area shall be 10 years from the date of issue 7 and is renewable.8 This Act protects licenced investments in Special Economic Zones from compulsory acquisition unless with a law which complies with section 71 of the Constitution.9