In the recent news, PM Imran Khan has approved a historic package consisting of landmark incentives for the Information Technology (IT) sector at the Ministry of Information Technology’s (MoITT) request for the benefit of startups and freelancers.
Government Approves a Historic Package for the Growth of IT Sector
In an executive meeting conducted on Tuesday, PM Imran Khan approved the historic package, mostly tending to startups, freelancers, and IT companies in particular. Officials of the Ministry of IT & Telecommunication, the Pakistan Software Export Board, the State Bank of Pakistan, the Federal Board of Revenue, the Special Technology Zone Authority and Ignite National Technology Fund also attended the meeting about the historic package.
The Information Technology Minister Ameen-ul-Haq, in a statement on Tuesday, announced that he is grateful to PM Imran Khan and Finance Minister Shaukat Tarin for the approval of the package and the PM’s remarkable support of the IT sector of the country.
Prime Minister Imran Khan approved historic package for Youth which includes tax relief for freelancers and startups, ease in inflow/outflow of foreign currency and establishment of Pakistan Technology Startup Fund that would result in significant increase in economic growth. pic.twitter.com/RON9W9Hkk5
— Usman Dar (@UdarOfficial) February 22, 2022
Startups and Freelancers to Retain 100% Amount of Remittances
The long overdue issue of easy transactions of Foreign Currency has also been addressed as Specialized Foreign Currency accounts for IT Companies and Freelancers will be launched to meet their functional requirements. In a historic move, PM Imran Khan has directed to enable startups and freelancers to retain 100% amount of remittances acquired through proper banking channels, without any compulsion to convert them into PKR.
Recommendations of the Pakistan Technology Startup Fund for the creation of a public-private partnership venture capital fund were also approved by the Prime Minister in the historic package meeting.
Source: Pro Pakistani