According to the latest reports, the Pakistan Software Export Board, a division of the Ministry of Information Technology has recently launched a new tool called “Freelance Digital Account and Card” in partnership with the Bank of Punjab. It is no doubt an amazing facility that will let Pakistani freelancers register a digital account in both rupees and dollars.
This tool called “Freelance Digital Account and Card” has been introduced by the Pakistan Software Export Board, a division of the Ministry of Information Technology, in partnership with the Bank of Punjab. Through this facility, freelancers will be able to register a digital account in both rupees and dollars.
According to media reports, Syed Junaid Imam, a member of the IT department, attended an event organized at a local hotel in Islamabad as a special guest, along with President and CEO Zafar Masood of the Bank of Punjab, other authorities, and a large number of freelancers.
Speaking at the event, Syed Junaid Imam said that now freelancers will be able to open accounts in dollars and rupees from the comfort of their own homes. He also emphasized the importance of the role that freelancers played in the growth of the IT sector and said that nation’s IT exports were vying for 15 billion dollars.
He said that commercial banks should offer facilities and their banking products for IT firms and independent contractors in order to meet the objective of 15 billion dollars set by the Pakistani prime minister. The IT Ministry is already playing its role in this regard.
It was being told that commercial banks need to offer facilities and their banking products for IT firms and independent contractors. The Ministry actually wants to meet the goal of 15 billion dollars set by the Pakistani prime minister and the IT Ministry is already playing its role in this regard. The newly introduced tool is a good initiative as it will be beneficial for all freelancers to open digital accounts in both Rupees and dollars. Let’s see what will be the strategy of the IT Ministry to accomplish its goal of billion dollars. Stay tuned for more updates.
The Ministry has admitted that specific government incentives for freelancers are lacking and there is a need to consider incentives for them to create a favorable business environment. It is proposed that incentives available for the IT sector be applicable to the freelance sector as well.
Fiscal incentives have been recommended for freelancers in consultation with the working group of prominent freelancers and freelancing community representatives. The Ministry will recommend these proposals for inclusion in the relevant documents such as the Finance Bill and in the regulations of the State Bank of Pakistan (SBP) and the Securities & Exchange Commission of Pakistan, etc. after due process. The freelancers duly registered with PSEB will have an income tax holiday on export revenue till 2030, subject to receipt of income/revenue through formal banking channels in the specific purpose codes assigned by SBP.
Besides, PSEB will introduce an incentivized registration fee package for freelancers in addition to easier access to PSEB programs and initiatives, including fee and subsidized training, certifications, subsidized office space at Software Technology Parks (STPs) across the country, in addition to giving freelancers access to international marketing and matchmaking opportunities. As per the proposal, SECP will introduce a 20 percent registration fee discount for PSEB-registered freelancers if they opt to register a single-member company.
Among the non-fiscal incentives, it is proposed that Visa facilitation shall be provided for PSEB registered freelancers whose export income/revenue for the last three years exceeds $5000 for each year and remitted through formal banking channels.
Fast track and simplified opening of foreign currency bank account for PSEB registered freelancers and retention of 365 percent foreign exchange in these bank accounts. It is proposed to establish technology business branches of commercial banks in at least six Pakistani cities where technology is aware with SBP and commercial banks in providing relevant training for the staff of these branches.