The IT industry in Pakistan is seeing turbulent times and needs incentives to push forward. The government seems to realize the critical situation and plans to announce mega incentives for IT sector in the budget 2023-2024.
Although the Pakistani government aimed to increase IT exports to $15 billion in the near future, the country’s IT exports decreased by 2%, totaling $246 million in December 2022.
The prime minister’s goal for the IT sector is to increase IT exports to approximately $4.5 billion in the upcoming year. This demonstrates the government’s dedication to solidifying Pakistan’s position as a major player in the global IT industry.
What’s Being Offered to the IT Sector
A comprehensive package with mega Incentives for IT Sector is expected in the upcoming budget.
A specialized tax regime designed exclusively for the IT sector is being proposed to simplify the tax structure. To support this initiative, a committee has been established to provide recommendations on the subject matter promptly.
The government granted its initial approval to provide special incentives to new startups in the IT sector.
What Else is Coming…Something for the Youth, Of Course!
Recognizing the significance of motivating young people to begin their own businesses, the prime minister revealed plans to establish special training IT zones. These zones will offer focused training to help young individuals develop essential skills.
The government is focused on investing a substantial amount in training young people for the IT industry. Approximately 45,000 youths nationwide are undergoing IT training, and this number is projected to rise with the new initiatives.
The government has also declared that 100,000 laptops will be distributed based on merit among deserving individuals in the next fiscal budget as part of its youth empowerment efforts.
The government’s vision is to transform Pakistan into a leading global hub for IT services, fostering significant economic growth through amplified investments, tailor-made training programs, and focused initiatives.