News

An increase of 20.75% in the IT Exports has been observed according to PSEB performance report

The Ministry of Information and Technology has increased its efforts of encouraging new IT companies in the countries as well as enhanced the IT exports. The export remittance of IT and IT-enabled Services has increased to $1.11 billion at a growth rate of 20.75%.

The report was published for the first 11 months (July-May) of fiscal years of 2019-2020. Last time, the revenue of $917.875 million had been generated according to the Fiscal year report of 2018-2019 by the Pakistan Software Export Board.

IT industry has been a strong factor when it comes to countries’ economies and has achieved a positive growth due to strong support from the federal government, highly-skilled entrepreneur, and high-skilled workforce.

With all the needed strep, the Ministry of IT is taking all the needed steps for ensuring optimum growth of Pakistan’s IT industry, and the closed affiliation of the sector with associated stakeholders is maintained. A strong industrial growth rate has been achieved due to the generous incentives by the federal government and various projects which also enhanced the capabilities of the Information and Technology sector.

Incentives to the IT sector include like zero income tax for the IT and ITeS exports till June of 2025, 3 years of a tax break for PSEB registered IT startups, 100% of foreign ownership of ITeS and IT companies, ITeS and IT investors can claim up to 100% repatriation of profits, no tax for Venture Capital fund till 2024, and many more.

The IT Secretary Shoaib Ahmed Siddiqui said that PSEB has a highly trained and experienced workforce like commercial counselors residing in crucial cities around the globe. These assets can contribute significantly to projecting Pakistan’s IT ad ITeS sector around the globe.

He also encouraged PSEB to engage and utilize the services of Pakistan’s commercial counselors to enhance Pakistan’s IT and ITeS exports and for facilitating Pakistan’s IT companies in the overseas markets.

Sponsored
Naima Rabbie

Share
Published by
Naima Rabbie
Tags: Pakistantop

Recent Posts

Rumors Indicate iPhone 17 May Feature Unconventional Camera Design

Apple is reportedly preparing for a significant design overhaul with its iPhone 17 series, blending…

14 hours ago

First AI-Powered Teacher Launched in Pakistan’s Private School

Karachi: A private school in Karachi has unveiled Pakistan’s first AI-powered teacher, a groundbreaking move…

15 hours ago

Yahoo Surprises Users with Its Latest Android Launcher

Third-party apps have long been a staple of the Android ecosystem, but their appeal has…

16 hours ago

Phase-II Review of PTCL-Telenor Deal Finalized by CCP

ISLAMABAD: The Competition Commission of Pakistan (CCP) has completed its Phase-II review of Pakistan Telecommunication…

16 hours ago

Xiaomi’s SU7 Achieves New Production Record, Driving Q3 Growth

Xiaomi has shattered records by producing 100,000 vehicles in just 230 days. This is nearly…

18 hours ago

Teachers Can Now Access OpenAI’s Free AI Course

OpenAI, in collaboration with nonprofit organization Common Sense Media, announced on Wednesday the launch of…

19 hours ago