IT sector: Government extends tax exemption for 3 more years
IT minister hopes measure would bolster remittances
IT minister hopes measure would bolster remittances. PHOTO: FILE
ISLAMABAD:
The government has granted a further three-year extension in tax exemptions with an aim to boost the country’s information technology sector, Minister of State for IT Anusha Rehman said.
The minister stated this while chairing the 33rd Board meeting of Pakistan Software Export Board (PSEB). The decision is expected to enhance the volume of IT exports, increase employment opportunities and play a significant role in the growth of IT industry.
The board meeting was convened to assess the state of IT industry of Pakistan and to evaluate the steps being taken by PSEB to bolster long term growth of the IT Industry as well as its exports.
P@SHA Chairman Syed Ahmed, PSEB Managing Director Asim Shahryar Husain, HRD Member Tahir Mushtaq and representatives from Ministry of Finance and TDAP were also present in the meeting. The minister further said that tax on domestic revenues will also be reduced from July 2016 and there will be no sales tax on desktops and laptops either.
Rehman said she hoped that IT industry would reciprocate to these tax incentives by remitting all their income to Pakistan to reflect the real growth and potential of the industry.
P@SHA chief appreciated the tax incentives announced by the government and thanked the IT minister for supporting the industry’s cause on tax exemption. The board was informed that a feasibility study for a new IT park on PSEB’s land in Islamabad, which was being conducted by Korean consultants, was near completion and a final feasibility report will be submitted by mid July 2016.
The IT minister directed PSEB MD to have a close liaison with Korean team for early finalisation and submission of feasibility study so that ground breaking ceremony could be scheduled at the earliest.
The board was also updated on CMMI and ISO training and certification program by PSEB MD. The board was informed that under the program, nine companies will be trained and certified in CMMI and eight companies each will be trained and certified in ISO 27001 and ISO 20000 standards during 2016-17. The minister said that these international certifications will improve the quality products and services of IT companies and will solidify their credibility with their foreign customers.
Published in The Express Tribune, June 30th, 2016.
The government has granted a further three-year extension in tax exemptions with an aim to boost the country’s information technology sector, Minister of State for IT Anusha Rehman said.
The minister stated this while chairing the 33rd Board meeting of Pakistan Software Export Board (PSEB). The decision is expected to enhance the volume of IT exports, increase employment opportunities and play a significant role in the growth of IT industry.
The board meeting was convened to assess the state of IT industry of Pakistan and to evaluate the steps being taken by PSEB to bolster long term growth of the IT Industry as well as its exports.
P@SHA Chairman Syed Ahmed, PSEB Managing Director Asim Shahryar Husain, HRD Member Tahir Mushtaq and representatives from Ministry of Finance and TDAP were also present in the meeting. The minister further said that tax on domestic revenues will also be reduced from July 2016 and there will be no sales tax on desktops and laptops either.
Rehman said she hoped that IT industry would reciprocate to these tax incentives by remitting all their income to Pakistan to reflect the real growth and potential of the industry.
P@SHA chief appreciated the tax incentives announced by the government and thanked the IT minister for supporting the industry’s cause on tax exemption. The board was informed that a feasibility study for a new IT park on PSEB’s land in Islamabad, which was being conducted by Korean consultants, was near completion and a final feasibility report will be submitted by mid July 2016.
The IT minister directed PSEB MD to have a close liaison with Korean team for early finalisation and submission of feasibility study so that ground breaking ceremony could be scheduled at the earliest.
The board was also updated on CMMI and ISO training and certification program by PSEB MD. The board was informed that under the program, nine companies will be trained and certified in CMMI and eight companies each will be trained and certified in ISO 27001 and ISO 20000 standards during 2016-17. The minister said that these international certifications will improve the quality products and services of IT companies and will solidify their credibility with their foreign customers.
Published in The Express Tribune, June 30th, 2016.