Federal Finance Minister Senator Muhammad Aurangzeb has asserted that collaborative approach, consistent policies and targeted reforms are vital to explore Information Technology sector's potential.
Chairing a level meeting of the Prime Minister's Committee on IT Export Remittances in Islamabad, Minister underscored the IT sector's critical role as a rapidly growing industry contributing to Pakistan's economic growth. He said IT sector has the potential to be a cornerstone of foreign exchange generation through exports remittances.
The meeting highlighted the sector's opportunities and challenges, focusing on improving the ease of capital movement to boost IT export remittances. The meeting noted that while IT exports are steadily increasing, a substantial portion of revenue remains unremitted.
It emphasized the need for simplified procedures, consistent tax exemptions for freelancers, and addressing issues related to remote workers classification and small IT firms to create a more favorable environment for IT businesses.
It was noted that Pakistan is home to 2.32 million freelancers-contributing 15% of IT exports, yet only 38,000 hold bank accounts.
It was further noted in the meeting that 500 new accounts are being opened weekly, as par SBP data, retaining these account holders and encouraging others to follow the course is of crucial importance. The Governor State Bank of Pakistan updated the meeting on measures including streamlining account opening procedures, awareness campaigns, improving complaint resolution mechanisms.
He urged all stakeholders to work collectively to overcome challenges, promote IT exports, and establish Pakistan as a competitive player in the global IT industry.