Senate Pass Bill to Launch ‘Special IT Economic Zone’
According to news reports, the Senate Standing Committee on Information Technology and Telecommunication passed the “Special Technology Zones Authority Bill, 2021” in Islamabad.
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The bill intends to develop the country’s infrastructure for information technology (IT) while also establishing policies to help local enterprises and stimulate Foreign Direct Investment (FDI) in the IT industry. The Senate committee also granted zone developers and businesses a 10-year tax break.
According to the meeting minutes, the authority would help local IT companies compete on the global market and create employment opportunities for young people.
The newly constituted body will exclude information technology industries in the proposed Special Technology Zones from income tax, sales tax, and customs taxes. The companies will also be permitted to create foreign currency bank accounts.
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According to Ministry of Science and Technology officials, the establishment of Special Information Technology Zones would enhance technology transfer, attract foreign direct investment, develop a collaborative ecosystem connecting academia, research, and the technology industry, stimulate innovation in production systems and products, and improve the standards and quality of technology goods and services within the country.
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