ISLAMABAD: Declaring new IT companies free from tax in the next fiscal year 2017-18 was a mega incentive offered by the incumbent government which would not only give boost to local industry but would also opened new avenues for job market ensuring and development in the sector.
This was a major development that would provide landmark results for the IT sector, spokesman of ministry of Information and Technology and Telecommunication Saghiar Watto said.
He said, The Government of Pakistan had unveiled a progressive Budget 2017-18 especially for the Information Technology sector of the country.
One of the highlights of the federal budget was the revelation that the new tech companies would be exempted from Income Tax for the next three years in Pakistan, he added.
He said with the inclusion of 3G and 4G technology in Pakistan a few years ago, this sector has seen a surprising boom in the shape of various new tech companies and startups.
Now, these companies can work towards improving their products and operations as they won’t have to worry about losing a lot of money via income taxes.
With the increase in startups, Pakistan has also witnessed a rising rate of incubation centers including Plan 9 in Lahore, National Incubation Center in Islamabad, Nest I/O in Karachi etc. who nurture the companies to attain future growth.
Source: Business Recorder