IT Ministry Launches “Tech Destination Pakistan” Initiative

On Wednesday, Pakistan’s IT Minister Syed Aminul Haque Announced The Launch Of Tech Destination Pakistan, An Initiative Which Aims To Promote The Country’s Information Technology Industry. In a tweet, the minister mentioned that the initiative aims to provide training opportunities and facilities to tech companies, creating incentives for foreign investors, and dozens of projects set …

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FBR Responds to the Concerns of IT Sector Regarding the Replacement of Income Tax Exemption

The Federal Board of Revenue (FBR) has conveyed to the IT services or IT-enabled services that no tax has been imposed on the IT sector under the Income Tax Second Amendment Bill 2021. Senior FBR officials were responding to the queries and concerns of the IT sector regarding the replacement of the income tax exemption …

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SBP Ramps Up Its End-to-End Digitalization Drive to Facilitate Business Community

The State Bank of Pakistan (SBP) has advised all the banks to use digital portals for end-to-end digitalization of case submissions and processing. This development is aimed at facilitating the business community in Pakistan, promoting the ease of doing business, enhancing operational efficiency, and making the processing of Foreign Exchange (FX) related cases cost-effective and …

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Transportation Cost of Container Cargo Increases by 700% in Pakistan

The transportation cost of containerized cargo across the globe has increased by up to 700 percent, Express Tribune reported. The same has taken place in Pakistan as well. This is being attributed to abnormal growth in imports as the global economies reopen following COVID-19 pandemic-related lockdowns. The increase in international freight charges for the sea, rail, …

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FBR Increases Custom Values of Raw Materials Used in Soaps, Detergents and Cosmetics

The Federal Board of Revenue (FBR) from March 1, 2021, has revised upward customs values of raw materials used in the manufacturing of toiletry products like soaps, detergents, shampoos, body gel, hair creams, and cosmetics etc. According to the valuation ruling 1521 of 2021 issued by the Directorate General of Customs Valuation Karachi on Monday, …

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Here’s Why Pakistan’s IT Industry is an Attractive Investment Destination

Pakistan Software Export Board (PSEB) and the Ministry of Information Technology and Telecommunications (MOIT&T) have released a comprehensive report on the IT industry of Pakistan. The report not only highlights the strategic and operationally advantageous areas in Pakistan’s IT industry but also lays out the details that may benefit prospective investors in evaluating the scope …

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Govt Abolishes 15 ‘Expired’ Exemptions from Income Tax Ordinance

The proposed ‘Income Tax (Second Amendment) Bill, 2021′ on the withdrawal of corporate income tax exemptions has abolished 15 time-bound exemptions from the Income Tax Ordinance, 2001. The review of the draft of ‘The Income Tax (Second Amendment) Bill, 2021′ revealed that many time-bound exemptions that had expired over the last many years still exist …

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