Budget proposals: PM chairs meeting on IT, telecom sectors

ISLAMABAD: Prime Minister Shehbaz Sharif chaired a high-level meeting on budget proposals regarding IT and telecom sectors on Tuesday.

The meeting was informed in detail about the development of the IT and telecom sector and an increase in IT exports and in this regard, comprehensive measures are being taken in the budget with a target to increase the current IT exports by 100 percent.

The meeting was further informed that currently around 45,000 youths are being given vocational training in the IT sector in the country who after completion of training will not only be self-sufficient in terms of employment but also a means of generating more employment.

PM for public-friendly budget: PMO

According to the Prime Minister’s Office, the prime minister has decided to bring a fixed tax regime for the IT sector and directed to submit recommendations in this regard on a priority basis. He also directed for preparing a big package for the IT sector in the budget for the next fiscal year.

Other measures announced by the prime minister are in-principle approval to provide special incentives to new business start-ups in the IT sector, special concession to the promotion of business and trade through modern technology and IT, to encourage youth to start their own business in the IT sector.

The prime minister also approved a special programme for a major expansion of youth skills programme in the field of IT and advanced technology as well as of creating special training IT zones.

The government will provide laptops to 0.1 million youth on merit in the upcoming budget, and directed to ensure provision of tax incentives to IT companies under Special Technology Zones (SEZs) will be ensured and include IT-related recommendations in the next financial year’s budget. The prime minister also directed to organise road shows of the IT sector abroad and to inform about the facilities in this sector and gave the IT sector a target to increase its exports to $4.5 billion in the next fiscal year.

The prime minister also decided to extend the facility to the IT sector of keeping 35 percent of its income for three years for improving efficiency and asked the IT Ministry and relevant authorities to finalise the suggestions of measures to facilitate the budget in collaboration with the sector as well as that obstacles in the way of fibre cable production at the local level should be removed for the development of the telecom sector.

Copyright Business Recorder, 2023