Tax Rates Increased for IT Sector in Proposed Finance Bill
Islamabad: According to parliamentary sources, the draft finance bill also contains an increase in the sales tax and a withholding tax (WHT) on the IT sector.
The administration is also interested in increasing the WHT from 10 to 15%. The sales tax on imported IT equipment will be 17 percent.
This budget is somewhat discouraging for the sector of the Ministry of Information Technology and Telecommunications (MoITT), since it will hinder efforts to achieve $5 billion in ICT exports by 2023.
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This tax increase will have a double impact. It will increase the cost of inputs for IT industry participants. On the other hand, it will also raise the price of services.
In addition, the government intended to reduce the WHT tax by 8 percent by 2023 as part of the digital Pakistan Program. However, the company has also prioritized its short-term revenue objectives. If the government imposes restrictions on the sector, its goal of raising cash will backfire.
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This week, the World Bank announced the “Telecommunications Advisory Assistance, 5G Readiness Plan for Pakistan” to expedite the deployment of 5G in Pakistan.
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