Karachi: The Prime Minister Shahid Khaqan Abbasi has extended the tax-break for information technology exports to 2025, according to a news report. This is a major move to encourage exports in IT.
Speaking at the launch of National Incubation Centre (NIC) Karachi programme at NED University, the PM said that cash rewards like rebate for textile sector will also be provided to promote IT and IT-enabled services.
He also announced 5% reduction in sales tax on IT (applicable on companies in Islamabad) and hoped the provincial governments will do the same. He announced that the State Bank of Pakistan will ask banks to reserve a significant part of financing for IT companies and IT-enabled services and added that loans will be provided at low rates, requiring less collateral.
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