Magazine Button
ITeS export remittances surge to 20.75% in 11 months

ITeS export remittances surge to 20.75% in 11 months

Banking & FinancePakistanSoftwareTop Stories
ITeS export remittances surge to 20.75% in 11 months

Pakistan’s Information Technology (IT) and IT-enabled Services (ITeS) export remittances comprising of computer services and call center services surged to US$1.11 billion at growth rate of 20.75% over the first 11 months of the financial year 2019-20 (July-May), in comparison to US$917.875 million during the same period in the financial year 2018-19.

According to a performance report of Pakistan Software Export Board (PSEB), an organization under Ministry of IT and Telecommunication 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 co-ordination 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 and ITeS exports until June 2025, tax breaks for PSEB registered IT start-ups for three years, up to 100% foreign ownership of IT and ITeS companies, up to 100% repatriation of profits for foreign IT and ITeS investors, tax holiday for venture capital funds until 2024, among other incentives.

Click below to share this article

Browse our latest issue

Magazine Cover

View Magazine Archive