IT exports thwarted by Tax policies and SBP rules claims Aminul Haque

News Desk
IT exports thwarted by Tax policies and SBP rules claims Aminul Haque

Syed Aminul Haque, the federal minister for Information and Technology and Telecommunications says that some rules of the State Bank of Pakistan (SBP) along with the policies of the Federal Board of Revenue (FBR) have been acting as an obstacle and hampering the growth of IT exports. The minister demanded relaxation in these conditions, along with the relaxation in tax enforcement as well.

Syed Aminul Haque, warns about the consequences if policies are not relaxed

Syed Aminul Haque added that the FBR policies have turned out to be a hindrance in way of increasing the IT exports. He further added that IT thwarted increases in remittances and freelancers too. This has led different software companies and working freelancers to think about turning to foreign countries to run their businesses. He said this while he was presiding over a meeting of the Policy Committee and Research and Development Fund.

The minister also told about the consequences if the relaxation in the policies is not implemented. As he says that it is important to relax these strict conditions which included giving maximum benefits in terms of relaxation to the IT industry and freelancers. He feared if the policies are not relaxed the industries that include freelancers & different software companies and more may shut down in the near future.

A budget in the principle of Rs.32.13 billion was approved during the meeting. It was, therefore, allocated to the Universal Service Fund (USF). Which could be termed in simple words as a subsidiary of the Ministry of Information Technology, for the financial year 2022-23. And for the National Technology Fund (Ignite) Rs3.75 billion were agreed upon.

All these details and the performance of USF and Ignite were defined during the meeting by their respective CEOs. As Harris Mahmood, the Chief Executive Officer of USF and Asim Shahryar Ignites Chief Executive Officer. Both of them provided details about the amount allocated in the budget as well.

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