Islamabad: The Senate Standing Committee on Information Technology and Telecommunication on Tuesday (September 28) passed the ‘Special Technology Zones Authority Bill, 2021’, news sources reported.
The bill aims to improve information technology (IT) infrastructure while also creating regulations to support local businesses and encourage Foreign Direct Investment (FDI) in the country’s IT sector. The Senate committee also extended a 10-year tax exemption to zone developers and companies.
According to the meeting minutes, the authority would assist establish a suitable climate for local IT firms to compete in the worldwide market and produce job possibilities for youth. The newly established authority, IT industries in the proposed Special Technology Zones will be exempted from Income Tax, Sales Tax and Customs duties. While the companies will also be allowed to open foreign currency accounts in banks.
According to the Officials of the Ministry of Science and Technology, the establishment of the Special Information Technology Zones would enhance technology transfer, attract foreign direct investment, develop a collaborative ecosystem connecting academia, research and technology industry, initiate innovation in production systems and products and increase the standards and quality of technology goods and services within the country.
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