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Boosting Incentives and Profits for Pakistan’s IT Sector, Confirms Amin UI Haque

Image Source: Pixabay
In recent developments, the government has addressed various challenges and approved generous incentives for the information technology and telecom industry. This entails revising and broadening the tax definition for the IT sector to cover all its subcategories.

Following this approval, Amin Ul Haque, the Federal Minister for IT and Telecom, announced that the Finance Minister has sanctioned a fund to offer cash incentives to IT firms based on the trade surplus from their exports of products and services originating from Pakistan.

Furthermore, he outlined that one percent of the IT industry’s yearly export earnings would be directed to the Pakistan Software Export Board (PSEB) annually to enhance various skills and establish software technology parks nationwide.

Additionally, the Minister of Finance has committed to streamlining processes for foreign-owned companies operating in Pakistan and is formulating additional support mechanisms for these enterprises.

In essence, these measures aim to attract foreign direct investment (FDI) to Pakistan’s tech sector, create more employment opportunities, and boost the country’s export revenue.

Image Source: Pixabay

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