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Government Approves Historic Package for IT and Telecom Sector

The government settled the lingering concerns and authorized huge incentives for the technology and telecommunications industries.

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The breakthrough occurred when the federal Minister for Information Technology and Telecom (IT&T), Syed Amin ul Haque, met with the federal Minister for Finance, Shaukat Tarin.

The minister thanked Minister Tarin for agreeing to organize a high-level, high-powered dispute resolution committee for the speedy resolution of any tax-related problems in the IT/ITeS industry, while remarking on the IT industry’s tax issues.

As per the directives of the Minister of Finance, the FBR will review and expand the tax definition of the IT/ITeS industry in conjunction with the IT industry in order to assure the coverage of all IT and ITeS subsectors, he said.

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Minister Amin Ul Haque noted that Minister Tarin had directed the resolution of profit repatriation difficulties for international technology corporations.

In addition, procedures for the Special Foreign Currency Accounts were agreed upon today in order to expedite the opening of foreign currency accounts under the FCA system for the IT/ITeS industry, startups, and independent contractors.

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