PM Announces Fixed Tax Regime for IT and Telecom Sector

Prime Minister of Pakistan Shehbaz Sharif today chaired a meeting related to the IT and telecom sector. In the meeting, the PM made a major announcement to introduce a fixed tax regime for the IT and telecom sector. He directed for the formation of a committee to resolve the issues of the IT and telecom sectors.

He directed the officials to prepare a big package for the IT sector in the next financial year’s budget. Moreover, he also announced the provision of special incentives to new business start-ups in the IT sector.

PM Announces Fixed Tax Regime for IT and Telecom Sector

He directed to take steps to encourage youth to start their own business in the IT sector. He also approved a special program for a major expansion of youth skilling programs in the field of IT and advanced technology.

At present, 45 thousand youths are being given IT skill training in the country. The government will provide laptops to 1 lakh youth on merit in the upcoming budget. During our previous regime, we provided laptops to the youth, thanks to which the youth brought foreign exchange to the country during the Corona epidemic. Prime Minister

He also directed to include IT-related recommendations in the next financial year’s budget. The approval of the budget recommendations in the IT sector will create new employment opportunities.

The Prime Minister also directed measures to provide special guidance and government support to the youth for setting up new companies in the IT sector. He also gave the IT sector a target to increase its exports to 4.5 billion dollars next year.

The decision to extend the facility of keeping 35% of the income of the IT sector for three years to increase its efficiency. He also directed to remove the obstacles in the way of fibre cable production at the local level.

Provision of tax incentives to IT companies under Special Technology Zones will be ensured – Prime Minister

Federal Ministers Ishaq Dar, Syed Aminul Haq, Maryam Aurangzeb, Adviser to Prime Minister Ahad Khan Cheema, Minister of State Ayesha Ghos Pasha, Special Assistants Tariq Bajwa, Jahanzeb Khan, Tariq Pasha, Shaza Fatima Khawaja, Senator Afnanullah, Governor State Bank, Chairman FBR, concerned senior officials attended. Apart from this, well-known experts from the IT sector including Asif Peer, Zohaib Khan, Naseer Akhtar, and from the telecom sector, Hatim Bamatarf CEO of PTCL, Mudsar Hussain Vice President Jaz and Kamal Ahmed Deputy CEO of Telenor also participated in the meeting.

The meeting highlighted in detail the development of the IT and telecom sector and the increase in IT exports. However, the government is taking comprehensive measures to increase the exports of the IT sector in the budget.

The meeting further highlighted that around 45 thousand youths have gotten vocational training in the IT sector in the country who after completion of training will not only be self-sufficient in terms of employment.

See Also: Govt to Allocate Rs. 6 Billion Funds for IT and Telecom Projects in FY2023-24

The Prime Minister issued instructions to finalize the budget proposals for the development of the IT and Telecom sector.