The Ministry of Information Technology and Telecommunication (MoITT) expressed serious concerns to the Federal Board of Revenue (FBR) on Monday, stating that eliminating the tax exemption regime and replacing it with a tax credit regime could result in capital flight and brain drain in the country.

Secretary IT Shoaib Ahmad Siddiqui, along with Member (IT) MOIT, Managing Director Pakistan Software Export Board, Chairman PASHA, and Chair IT Sub-taskforce, visited Chairman Federal Board of Revenue (FBR) Asim Ahmad and his team in FBR Headquarters on Monday on the direction of Federal Minister for IT & Telecom and recommendations of Prime Minister’s Taskforce on IT & Telecom.

Read more: FBR began using e-hearing in tax audit cases

Asim Ahmad, Chairman of the Federal Board of Revenue (FBR), assured the IT sector of full facilitation following the July 1, 2021 transition from tax exemption to tax credit regime.

The FBR Chairman gave this assurance during a meeting with the tax authorities at the FBR House with the Secretary (IT) of the Ministry of IT and Telecom and other senior officials.

According to official sources, the tax authorities informed the IT delegation, “I guarantee you that I will ensure that all emerging issues of the tax credit regime are resolved by the FBR.” For IT businesses, the FBR can make the tax credit system very quick.

Stay tuned with Tajarat Property for more updates or information about the top-notch real estate projects like Blue World City.