IT, ITeS export remittances increases by 144% in five years
ISLAMABAD: Information Technology and IT-Enabled (ITeS) Service export remittances have witnessed 144 percent increase during the last five years at Compound Annual Growth Rate, according to the trade in services data published by State Bank of Pakistan.
In the neighboring region, India’s last five years Compound Annual Growth Rate (CAGR) was 9.51 percent, Sri Lanka 7.02 percent and Bangladesh 50.5 percent till fiscal year 2018.
A senior official of Information Technology said that IT was emerging as a vital organ of country’s national economy and the government was paying great deal of heed to promote this sector.
He said Pakistan Software Export Board (PSEB) registered IT start-ups, who were exempted from income tax, withholding tax and minimum tax for three years.
For promotion of IT sector and to attract global investors, the official said foreign ownership up to 100 percent of IT and ITeS had also been allowed and "no embargo has been put in place for repatriation of profit earned by such foreign investors.”
The government, he said, through Pakistan Software Export Board(PSEB) was facilitating local companies in promotion of IT services by way of marketing and subsidization.
The PSEB has organized four international and four domestic exhibitions for the purpose. The state functionaries in Consulates and Embassies have also been interacted to accord special focus for promotion of IT exports. – APP