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Consider the following statements related to SEZ:
1. It is a duty-free enclave to be treated as foreign territory for the purpose of trade operations and duties and tariffs.
2. The corporation in SEZs will not have to pay any income tax on their profits for the first five years and only 50% of the tax for 2 more years thereafter.
3. A SEZ does not require a licence for exports.
Which of the above statements are true?

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