Pakistan’s IT and IT-enabled Services (ITeS) export remittances declined by 3 percent during the first ten months of the current fiscal year 2022-23 (FY23) and stood at $2.133 billion compared to $2.199 billion during the same period of last fiscal year
According to the official data, on a year-on-year (YoY) basis, the sector’s exports remittances decreased by around 23 percent and remained at $191 million in April 2023 compared to $249 million in April 2022.
On a month-on-month basis, the sector’s export remittances decreased by 15 percent compared to $224 million in March 2023
The IT and IT-enabled Services (ITeS) export remittances, including telecommunication, computer, and information services, reached an all-time high of $2.618 billion, a growth rate of 47.43 percent in fiscal year 2022 compared to $2.108 billion in fiscal year 2021.
The Ministry of Information Technology and Telecommunication had envisaged that the IT exports target of $5 billion would be achieved by June 2023. However, it had also warned the government that on account of the non-implementation of agreed incentives, lack of consistency in policies, as well as, without resolving the tax and banks-related issues, the telecom sector exports remittances may suffer besides compromising its digital vision.
The National Assembly Standing Committee on Information Technology and Telecommunication was informed recently that Pakistan’s IT exports are over $5 billion but exports of just $2.5 billion are documented.
The issue is IT ministry itself. Registration of freelancers was one of the biggest mistake losing public trust. FBR threatens freelancers and govt expects we will bring our hard earned back? Being in IT business tax free IT export is the only way. And stop freelancers registration stupidity.