Investors to get 5-year tax exemption

Tripura Industrial Development Corporation (TIDC) Ltd is setting up a Special Economic Zone (SEZ) for the Agro-based food processing industry, at an estimated cost of Rs.1,550 crore.

The SEZ, estimated to cost Rs.1,550 crore, is being set-up at Paschim Jalefa, Sabroom, South Tripura District, which is 130 km away from Agartala.

The SEZ will also have rubber-based industries, textile and apparel industries and bamboo, according to Commerce and Industry Ministry notification on 16 Dec 2019.

The Sabroom SEZ will open up new avenues to attract private investment considering the proximity of the Chittagong Port in Bangladesh and construction of the bridge across Feni River in South Tripura which is underway, said the Ministry in a release on 18 Dec 2019.

Companies setting up in the SEZ will enjoy 100% Income Tax exemption under Section 10AA of the Income Tax Act for the first 5 years, followed by 50% exemption for the following five years. fiinews.com