December 23, 2023 (MLN): The government's initiative, permitting IT companies to retain 50% of their export revenue in dollars in a Pakistan-based account and facilitating unrestricted international expenses from this amount, has resulted in substantial gains in the form of increased exports, Caretaker IT minister, Dr Umar Saif stated in his latest post on X (Formerly known as Twitter).
IT industry has great export potential but is compelled to keep its dollars abroad due to the heavy burden of paying salaries to their international employees placed with foreign clients.
Additionally, these companies also have to incur monthly expenses for cloud hosting, marketing, and sales on platforms like Google, Amazon, Azure, and LinkedIn.
Understanding this, the aforementioned policy was implemented through a collaboration between the IT ministry, the Special Investment Facilitation Council (SIFC), and the State Bank of Pakistan (SBP).
With the facilitation of international payments, IT companies have demonstrated a high level of performance as the country’s export revenue through this industry increased by 8.82% MoM and 11.66% YoY in November.
“At this rate, we will cross $3 billion in IT exports in a few months, in our journey toward $10bn in IT export revenue. Onwards and upwards,” the IT minister further added.
Telecommunications, Computer, and Information Services Exports
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Posted on:2023-12-23T13:22:34+05:00
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