Rs.10 billion government fund approved for IT industry

Shaukat Tarin, the finance minister, granted approval for a Rs.10 billion fund to provide cash rewards for IT companies against their exports, with an additional provision of a 5 percent rebate on IT exports.

At a meeting with the Pakistan Software Houses Association (P@SHA) and the Pakistan Software Export Board (PSEB) that was led by Barkan Saeed, the chairman of P@SHA, and Osman Nasir, the managing director of PSEB, the finance minister agreed that there is a need for the improvement of IT exports, and assured that the government would aid the sector with the provision of all possible facilities.

It was also decided that foreign companies will now be allowed to repatriate their profits. Osman Nasir, the managing director of PSEB, said, “there are many expenditures and payments for the companies around the world but due to restrictions they do not remit the entire amount into Pakistan. Now it has been decided that the foreign companies can repatriate their profits to any foreign country.”

With the above provisions, the IT industry will hopefully be facilitated in further enhancing the economic development of Pakistan.


Leave a Reply

Your email address will not be published. Required fields are marked *



Pakistan’s first cultural incubation center set up at Lok Virsa

Telenor partners with Noon Academy to enhance digital learning