FY 2018-19
our correspondent
ISLAMABAD
The Information Technology and IT-enabled Services (ITeS) export remittances have surged to US $1.11 billion at a growth rate of 20.75 percent during the first 11 months of FY 2019-20 (July–May) against US $917.875 million during the same period of the FY 2018-19.
Pakistan Software Export Board (PSEB) stated this in a performance report on Monday, explaining that ITeS exports remittances comprise computer services and call centre services.
According to PSEB, IT Industry has been a star in Pakistan’s economy and has achieved positive year on year growth as a result of strong government support, skilled entrepreneurs and a talented workforce. The Ministry of IT is taking all possible steps to ensure sustainable growth of Pakistan’s IT Industry and to ensure close coordination with the IT industry and associated stakeholders.
The generous incentives from the government, and various projects to enhance capacity and capability of the IT Industry have resulted in strong industry growth rates. Incentives to the industry include zero income tax on IT & ITeS exports till June 2025, tax breaks for PSEB registered IT start-ups for 3 years, up to 100 percent foreign ownership of IT & ITeS companies, up to 100 percent repatriation of profits for foreign IT & ITeS investors, tax holiday for venture capital funds till 2024 among other incentives.
Secretary IT Shoaib Ahmad Siddiqui stated that PSEB has highly trained and experienced asset in the form of commercial counsellors in important cities around the world and that they can contribute significantly in projecting Pakistan’s IT & ITeS sector around the globe.
He directed PSEB to engage and utilize the services of Pakistan’s commercial counsellors to enhance Pakistan’s IT & ITeS exports and for facilitating Pakistan’s IT companies in the overseas markets.
