Government approves ‘historic package’ for IT and telecom sectors

This development was made when the Minister for Information Technology & Telecom (IT&T) met with the Minister for Finance

Gap between IT firms, corporate sector hinders growthThe Government of Pakistan has approved a historic package by granting mass incentives to the information and technology and the information and telecom sector (IT/ITeS).

This development was made when the Minister for Information Technology & Telecom (IT&T), Syed Amin ul Haque, met with the Minister for Finance, Shaukat Tarin, on Tuesday.

According to the IT&T minister, the finance minister has approved a fund to provide cash rewards to the IT/ITeS companies if they achieve a trade surplus on their exports from Pakistan.

Haque added that 1% of the IT/ITeS industry’s yearly export remittances would be allocated annually to the PSEB (Pakistan Software Export Board).

Pakistan IT industry hits international markets

The PSEB would utilize these funds to develop human resources skills, enhance IT companies’ capacity, branding/marketing, business development, and establish software technology parks across Pakistan.

The IT&T minister expressed his gratitude to the finance minister for agreeing to form a high-level and high-powered dispute resolution committee to resolve any tax-related problems of the IT/ITeS industry.

As per the directions of the finance ministry, the Federal Board of Revenue (FBR) would now revise and expand the tax definition of the IT/ITeS industry.

Pakistani IT companies have been encouraged to invest in Jordan

This step would ensure the coverage of all the IT and ITeS sub-sectors.

The IT&T minister also expressed his gratitude to the finance ministry to promote foreign-owned companies operating in Pakistan with outbound remittances.

Haque also expressed his gratitude to the Advisor to the Prime Minister on Commerce & Investment, Abdul Razak Dawood, for supporting the IT/ITeS industry proposals.

Moreover, the IT&T minister and the finance minister agreed upon the steps for the Special Foreign Currency Accounts to facilitate the opening of foreign currency accounts for the IT/ITeS industry, startups, and freelancers.

What are your views on this? Share with us in the comments below.

  • Setup CS schools in all districts. Use online learning to teach coding and offer bursaries for the best students


  • Featured Content⭐

    >