The Prime Minister has approved a historic package for the IT industry, freelancers, and startups.
In a historic move, Prime Minister Imran Khan on Tuesday approved a variety of incentives, as well as tax exemptions, to facilitate the IT sector, freelancers, and startups, Federal Minister for IT & Telecom Syed Amin Ul Haque stated.
Tax Exemption benefit which was the most important demand of the sector, and other fiscal and non-fiscal incentives for the industry were proposed by MoITT.
The approval was created in a meeting chaired by Prime Minister Imran Khan on Tuesday, 22nd February. Officials of the Ministry of IT & Telecommunication, Pakistan Software Export Board, State Bank of Pakistan, the Federal Board of Revenue, Special Technology Zone Authority and Ignite National Technology Fund were also present in the meeting.
- The long outstanding issue of IT companies regarding easy inflow/outflow of Foreign Currency has additionally been addressed as Specialized Foreign Currency accounts for IT/ITES Companies and Freelancers will be introduced to meet their operational needs
- PM has directed to permit IT/ITES firms and Freelancers to retain 100% amount of remittances received through correct banking channels, in Foreign currency Accounts with none compulsion to convert them into PKR.
- There will be no restriction on outward remittances from foreign currency accounts for the IT firms and freelancers registered with the Pakistan Software Export Board (PSEB)
- PM Khan directed the State Bank of Pakistan to introduce finance streams for the IT and ITeS sector and freelancers keeping seeable the operational architecture and industry needs.
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