ISLAMABAD: Finance Minister Ishaq Dar announce that Information Technology and IT-enabled service providers will be allowed to import software and hardware equal to one percent of their exports without any tax.
Presenting the Federal Budget for the fiscal year 2023-24 on the floor of the National Assembly, he said the limit of these imports will be $50,000 dollars annually. He said it will be ensured to automated exemption certificates for the exporters of IT and IT services.
He expressed the confidence that the IT sector will prove to be an engine of growth in the coming years.
He said that at present, concessional 0.25 percent income tax is in place for promotion of IT exports and the same facility will be continued till June 2026, 30 June.
He noted that freelancers are facing difficulties, while submitting monthly sales tax returns and these have been exempted from sales tax registration and returns for annual exports worth 24,000 dollars in order to facilitate business environment.
In addition, a simple one-page income tax returns form is being launched for them.
