Islamabad: According to a recent news report, the Federal Minister for Information Technology and Telecom (IT&T) Syed Amin-ul-Haque said that the federal government has approved significant incentives for the information and telecommunications sectors in Pakistan.

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To address Pakistan’s long-standing IT industry demands, the IT&T minister met with Federal Finance Minister Shaukat Tarin. Finance Ministry Tarin, according to the minister, has approved a fund to compensate IT/ITeS firms for their product and service trade excess.

In addition, in collaboration with the IT industry, the conference resolved to revise and broaden the tax definition of the IT and ITeS sector in order to include subsectors in the tax net.

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He also announced that 1% of the IT industry’s total export profits will be utilised to construct new IT parks around the country, as well as for human resource development, IT sector capacity building, and business growth and marketing.

He also claimed that the government has made real efforts to encourage Foreign Direct Investment (FDI) in the country’s IT infrastructure, which will result in more IT-related jobs. Special efforts are being taken to aid freelancers, entrepreneurs, and the IT industry in opening Special Foreign Currency Accounts, according to the IT minister (SFCA).

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