Islamabad: Federal Minister for Information Technology and Telecom (IT&T) Syed Amin-ul-Haque on Tuesday (August 10) said that the federal government has approved significant incentives for the information and telecommunications sectors in Pakistan, news sources reported.
The IT&T minister met with Federal Finance Minister Shaukat Tarin to address Pakistan’s long-standing IT industry demands. The minister stated that finance minister Tarin has approved a fund to reward IT/ITeS businesses against the trade surplus of their product and service.
Furthermore, the meeting decided to update and expand the tax definition of the IT and ITeS sector in consultation with the IT industry in order to include subsectors in the tax net.
He also stated that 1% of the IT industry’s total export earnings will be used for the establishment of additional IT parks around the country, human resource development, IT sector capacity building, and business development and marketing.
Furthermore, he stated that the government has taken concrete steps to attract Foreign Direct Investment (FDI) in the country’s IT infrastructure, which would result in more IT-related employment in the country. The IT minister also stated that specific measures are being taken to assist freelancers, startups, and the IT industry in creating Special Foreign Currency Accounts (SFCA).
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