FBR Issues Clarification on Tax Exemption Income of IT Services
The Federal Board of Revenue (FBR) has provided clarification regarding recent reports that an exemption for income derived from the export of computer software, IT services, or IT-enabled services may be removed.
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According to FBR, exports of computer software, IT services, or IT-enabled services are exempt from tax under the current legal framework, as stated in clause (133) of Part-I of the Second Schedule to the Income Tax Ordinance 2001.
According to FBR, this exemption is contingent upon 80% of the export proceeds being transferred to Pakistan using conventional banking channels. The people requesting exemptions must pay a minimum tax on their turnover, nevertheless. The range of tax breaks offered to income from the export of software, IT services, and IT-enabled services has been proposed to be expanded. The exemption is being moved to the tax credit regime for this reason.
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“It has been suggested that this income be eligible for a 100% tax credit against tax obligations, including the minimum tax due on their turnover. In contrast to the rumours spreading on social media, the proposal expands the range of concessions to the IT sector, according to the FBR.
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