The Ministry of Information Technology and Telecommunication (MoITT) has warned the government that unresolved tax issues which can further decline IT Exports.
It’s on account of non-implantation of agreed incentives, lack of consistency in policies as well as resolving the tax and banks related issues, the telecom sector exports remittances may further decline besides compromising its digital vision.
Official sources told ProPakistani that the latest decline in the IT and IT-enabled Services (ITeS) export remittances rung the alarm bill and serious reservations were expressed among the concerned quarters.
The ITeS exports declined by 0.3 percent during the first quarter of the current fiscal year 2022-23 and stood at $633 million compared to $635 million during the same period of the last fiscal year.
The State Bank of Pakistan (SBP) data shows that ITeS exports remittances declined by around 10 percent on a month-on-month (MoM) basis in September 2022. On a year-on-year (YoY) basis, the export remittances decreased by over 4 percent.
Sources said that Finance Minister Ishaq Dar chaired a meeting of the Prime Minister’s Task Force on Information Technology (IT) and Telecom, where serious reservations were expressed about the decline in remittances.
For all the latest updates and news, visit CxO Global FORUM.