Tuesday Jun 06, 2023
Premier Shehbaz introduces fixed tax regime authority for IT sector.
PM Shehbaz approves setting up of special IT training zones.
He set an export target for the IT sector of $4.5 billion next year.
In a bid to boost IT exports in the country, the federal government has decided to introduce a fixed tax regime for the sector in the 2023-24 budget to be tabled in the National Assembly on June 9.
According to a statement by the media wing of the PM Office, Prime Minister Shehbaz Sharif made the announcement while presiding over a high-level meeting to discuss the budget proposals for the IT and Telecom sector.
During the meeting, the Prime Minister directed the relevant authorities to include major incentives for the IT sector in the upcoming fiscal budget to boost IT exports in the country.
In addition, Prime Minister Shehbaz constituted a committee on fixed tax regime, besides directing the body to submit its recommendations immediately.
The meeting also approved in principle the provision of special incentives for start-ups in the IT sector. Special concessions were also approved to promote business and trade through modern technology.
The meeting also decided to take initiatives that were crucial to encourage the youth to start their own businesses. The Prime Minister approved a fundamental decision on the creation of special IT training zones to support business.
He said that the government would spend huge amounts on training the youth in the IT sector. Currently, a total of 45,000 people are being trained in the IT sector across the country, the Prime Minister added.
The Prime Minister further said that in the upcoming fiscal, the government will distribute 1,00,000 laptops among the youth on the basis of merit.
During the previous tenure of the PML-N government, they distributed laptops among the youth of the country and using this device, the youth replenished their foreign reserves during the Covid pandemic, he noted.
The prime minister also set a goal for the IT sector to increase exports up to 4.5 billion dollars for the next year.
In the meeting, PM Shehbaz directed to include all IT related recommendations in the upcoming fiscal budget and adding the approval of IT related recommendations in the next budget would create huge employment opportunities for the youth.
He also directed the authorities to take measures necessary to provide special guidance and government assistance to the youth in setting up new companies in the IT sector.
The Prime Minister also decided to organize an IT road show abroad to make the world aware of the opportunities offered by the IT sector in Pakistan.
