Prominent IT exporter Noman Said as per local media reports disclosed that the business community wants the government to declare the IT sector permanently tax-free for ten years.
Noman also provided insight into the ominous State Bank of Pakistan data about information technology exports in January 2024, which shows a 12.4% drop to $265 million on a month-over-month (MoM) basis from $303 million in December 2023.
He said that the information technology industry may assist Pakistan in enhancing its socioeconomic metrics by maintaining rupee-dollar parity and managing the expensive dollar’s multiplying impacts on inflationary pressures as a result of quickly growing exports from the nation.
He went on to say that it is important to remember that the IT sector does not need an incubation period of five to ten years, unlike the majority of the nation’s other export-oriented businesses.
Noman said that in order to fully achieve the potential of IT exports, we must acknowledge that the IT industry has obstacles and approach them with an open mind. According to him, $300 million a month represents a psychological barrier to IT exports and will help the nation reach its yearly export goal of $3.5 billion for FY24. That amount should be the exact goal for the current fiscal year.
He went on to discuss the significance of the Special Investment Facilitation Council (SIFC) and how it may help the IT sector attract investments by removing bureaucracy and inconsistent regulations for a few years to come.