In a recent development, the Government of Pakistan has approved the long-standing incentives for the Information Technology and Telecommunication Sector. The approval was made in a meeting between Syed Amin ul Haque (Federal Minister for Information Technology and Telecom (IT&T)) and Shaukat Tarin (Federal Minister for Finance).
Minister Amin ul Haque expressed his pleasure at the breakthrough,
“I am pleased to apprise our industry that the Finance Minister has approved a fund to provide Cash Rewards to IT/ITeS companies against the trade surplus of their exports of products and services from Pakistan.”
The Minister also added that 1% of the yearly export remittances from exports will be added Pakistan Software Export Board for skills development, enhancing the capacity of HR companies, and marketing of business development as an effort to develop technology parks in Pakistan. Moreover, the Federal Minister for Information Technology and Telecom also thanks Shaukat Tarin for agreeing to form the committee to solve the pending tax-related disputes. Mr. Amin further explained that the FBR will soon revise the tax definition as per the IT industry.
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“These steps will help attract FDI towards Pakistan’s tech sector, enable high-worth job growth, and enhance export income for the country,” he added.
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