On Tuesday the government settled the problems and adopted huge incentives for the information and telecommunications sector.
Syed Amin ul Haque, federal IT and tile company minister, met Shaukat Tarin, federal finance minister, where the breakthrough occurred.
Minister Amin ul Haque remarked during the meeting with ProPakistani “I have the pleasure to inform our industry that the Minister of Finance agreed to offer IT/ITeS firms cash rewards against commercial surplus from their exports of Pakistani products and services. This was a demand from P@SHA for a long time.”
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He claimed that 1% of the annual export remittances from the IT/ITES industry are earmarked annually for PSEB to increase HR skills, improve IT companies’ capability, brand/marketing, and business development, and establish Pakistan’s software technology parks.
As he commented on the IT industry on fiscal issues, the minister thanked Minister Tarin for agreeing to create a high-level dispute settlement committee for rapidly resolving IT/ITeS tax problems.
He noted that the long-standing IT industry demand had been addressed, stating, in consultation with the IT industry, that the FBR, in accordance with the instructions of the Minister of Finance, would revise and expand the IT/ITeS tax definition to ensure that the entire IT/ITeS subsectors were covered.
He was also thankful for agreeing to take steps to facilitate the implementation of foreign-owned enterprises operating in Pakistan with outbound payments and for supporting ideas from the IT&T ministry by Prime Minister Razak Dawood.
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Minister Amin Ul Haque noted that Minister Tarin had provided instructions to resolve the problems of profit repatriation for global technology companies.
“These initiatives would assist in attracting FDI to the tech industry in Pakistan and enabling high-profile job creation and increasing the country’s export income,” he said.
In addition, measures were agreed today to make it easier for IT/ITeS industries, start-ups, and freelancers to open their foreign currency accounts within the FCA system.