Pakistan’s IT Sector Outperformed all other Sectors with18.85% Growth in Foreign Exchange Reserves

According to the annual Pakistan Economic Survey FY 2020-21, the overall investment in the Telecom sector exceeded $465 million during the first two-quarters of FY 2020-21. Among all other sectors, Pakistan’s IT sector progressed impressively by recording an 18.85% growth in foreign exchange reserves. The growth is higher than any other sector in the past 5 years.

Pakistan’s IT Sector Outperformed all other Sectors with18.85% Growth in Foreign Exchange Reserves

See Also: Pakistan’s Budget 2020-2021 Gears towards Development in the IT industry

Ministry of IT and Telecom has also tweeted the key highlights of the economic survey.

مالی سال 2021 کی دو سہ ماہیوں کے دوران ٹیلی کام مجموعی سرمایہ کاری 465.0 ملین امریکی ڈالر سے تجاوز کرگئی. گزشتہ 5 سالوں میں آئی ٹی کی ترسیلات زر میں سالانہ 18.85 فیصد کے ساتھ دیگر صنعتوں کے مقابلے میں سب سے زیادہ اضافہ ہوا،اقتصادی سروے#PakistanMovingForward #ICT #MOITT pic.twitter.com/0bx75G2IJQ

— Ministry of IT & Telecom (@MoitOfficial) June 13, 2021

Minister for Finance Shaukat Tarin unveiled the Pakistan Economic Survey FY 2020-21, which presents a comprehensive analysis of the performance of various sectors of the economy while highlighting the trend of macro-economic indicators, development policies, sectoral achievements of the economy, and reviewing the key drivers of the year’s growth.

 Just now, the government has unveiled the budget for the fiscal year 2021-22, with the outlay kept at Rs8,478 billion and the tax target set at an ambitious Rs5,829 billion. Pakistan’s IT sector is going to be more profitable after this budget as lots of taxation has been reduced.

The income tax on the users of mobile phones is reduced from 12.5% to 10% for 2021-2022 and will be reduced further to 8% in 2022-2023. Similarly, telecom excise duty is lessened by 1% as it comes down from 17% to 16%.

Check Also: Govt Abolishes the Increase in the Tax rate of Mobile Phone Calls, SMS & internet in Budget 2021-22

Source: TechJuice