According to Syed Amin-ul-Haq, the federal minister of information technology, IT firms, and independent contractors get a sizable sum of money from overseas clients in exchange for their services, and the government has authorized a demand for 35% of this money to be sent outside. The Finance Minister officially announced this choice during his speech to Parliament on Wednesday.
Syed Amin-ul-Haq claims that because of the lack of this facility, IT professionals have maintained their accounts in other nations. As a result, other nations are using our country’s financial and intellectual resources, and the proceeds from these uses benefit other nations. We have brought up this matter with the Ministry of Finance on multiple occasions, and we have also asked the Prime Minister to address it. Now that this option has been formally announced, it is envisaged that open international accounts will be transferred to Pakistan as well as that the IT business would develop.
Additionally, he stated that in order to handle tax-related issues, dedicated offices are being set up in Islamabad, Lahore, and Karachi.
Syed Amin-ul-Haq thanked the prime minister and the finance minister and expressed his gratitude to the IT sector. He also expressed his congratulations and expressed his confidence that the $4 billion IT export goal for this year will be met.