Identify the incorrect statement in respect of SEZs.

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Labour laws are formed by the government.

They do not have to pay taxes for a longer period.

They do not have to pay taxes for 5 years.

They have world-class facilities.

answer is B.

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Detailed Solution

They do not have to pay taxes for a longer period. This statement is incorrect.
Special economic zones (SEZs) are set up to attract foreign investors. The rules and regulations in SEZs are entirely different from those in the country of which they are a part. These zones are set up to attract MNCs to invest in the country. The firms in these zones do not have to pay taxes for five years. The special economic zones (SEZs) have world-class facilities such as water, road, transport, storage, recreational and educational facilities. The government of India has provided various relaxations in labour laws.

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