The Ministry of Information and Technology has increased its efforts of encouraging new IT companies in the countries as well as enhanced the IT exports. The export remittance of IT and IT-enabled Services has increased to $1.11 billion at a growth rate of 20.75%.
The report was published for the first 11 months (July-May) of fiscal years of 2019-2020. Last time, the revenue of $917.875 million had been generated according to the Fiscal year report of 2018-2019 by the Pakistan Software Export Board.
IT industry has been a strong factor when it comes to countries’ economies and has achieved a positive growth due to strong support from the federal government, highly-skilled entrepreneur, and high-skilled workforce.
With all the needed strep, the Ministry of IT is taking all the needed steps for ensuring optimum growth of Pakistan’s IT industry, and the closed affiliation of the sector with associated stakeholders is maintained. A strong industrial growth rate has been achieved due to the generous incentives by the federal government and various projects which also enhanced the capabilities of the Information and Technology sector.
Incentives to the IT sector include like zero income tax for the IT and ITeS exports till June of 2025, 3 years of a tax break for PSEB registered IT startups, 100% of foreign ownership of ITeS and IT companies, ITeS and IT investors can claim up to 100% repatriation of profits, no tax for Venture Capital fund till 2024, and many more.
The IT Secretary Shoaib Ahmed Siddiqui said that PSEB has a highly trained and experienced workforce like commercial counselors residing in crucial cities around the globe. These assets can contribute significantly to projecting Pakistan’s IT ad ITeS sector around the globe.
He also encouraged PSEB to engage and utilize the services of Pakistan’s commercial counselors to enhance Pakistan’s IT and ITeS exports and for facilitating Pakistan’s IT companies in the overseas markets.