The decision was taken at a meeting on Tuesday, February 22nd, presided over by Prime Minister Imran Khan. There were also representatives from the Ministry of IT & Telecommunication, the Pakistan Software Export Board, the State Bank of Pakistan, Federal Board of Revenue, the Special Technology Zone Authority, and the Ignite National Technology Fund in attendance at the conference.
The Ministry of International Trade and Tourism (MoITT) suggested tax exemption advantages and other fiscal and non-fiscal incentives for the business.
This unprecedented and unwavering assistance for Pakistan’s IT/ITES industry and Freelancers has been made possible thanks to Prime Minister Imran Khan and Federal Minister for Finance & Revenue Shaukat Tareen. A statement to this effect was made on Tuesday in this city by Federal Minister for IT and Telecom Syed Amin Ul Haque.
Also, the PM’s tax exemption relief for the IT industry was lauded by Syed Amin-Ul-Haque He went on to say that the Federal Government’s strong growth objectives and timely interventions have brought all stakeholders up to speed in order to achieve the targeted business potential and compete in the worldwide market.
In order to suit the operational requirements of IT/ITES firms and freelancers, specialized foreign currency accounts for these businesses and individuals have been established. One of PM’s most significant decisions is his directive to IT/ITES companies and freelancers to keep any remittances received via appropriate banking channels in FCY Accounts without being forced to convert them into Pakistani rupee (PKR).
Freelancers and IT companies registered with the PSEB would be able to send money out of the country without limitation. Finance streams for IT/ITES sector and freelancers have also been ordered by the Prime Minister, taking into account operational architecture and industry demands.
As part of this historic package for the establishment of a public-private partnership venture capital fund, the Prime Minister also accepted recommendations of the Pakistan Technology Startup Fund. This fund will be established via public-private partnerships established under the Ignite National Technology Fund.