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Sunday, October 2, 2022

Freelancers to be tax exempted for 10 Years. IT Ministry Proposes

To promote ease of doing business and improve exports, the Ministry of Information Technology and Telecommunications has suggested 10-year tax exemption for freelancers, as well as the facilitation of account opening and the removal of double taxation in the overall telecom industry.

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Various proposals for tax exemption for freelancers were put forward in the meeting, according to Federal Minister for Information Technology and Telecommunication Aminul Haq, which were aimed at achieving the export target of Is. 3.5 billion by the end of this fiscal year, he said while speaking to the media after presiding over the first meeting of the IT Export Growth Committee.

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The conference was also attended by the Managing Director of the Pakistan Software Export Board (FBR), as well as officials from the State Bank of Pakistan (SBP), the Federal Board of Revenue, the Ministry of Commerce, and the Board of Investment.
The Federal Minister said that freelancers are an asset of the country as they have played an important role in increasing exports and creating employment opportunities. To promote the freelancing and to increase the software exports, tax exemption is proposed for freelancers.

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It was proposed, he said, to assist in the elimination of double taxation in the telecom sector in specific places. He went on to say that this was hurting companies and affecting investment in the sector. Tax exemption for freelancers will also help in increasing the income and it will lead to more and more people working in the same area.

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