The Pakistan Software Export Board (PSEB) has invited feedback from the IT and IT-enabled services (ITeS) industry on the adequacy of the State Bank of Pakistan’s (SBP) existing purpose codes used for reporting ICT export remittances.
The initiative comes as Pakistan’s ICT export remittances recorded an 18.5 percent growth, reaching $1.799 billion during the first five months of FY 2025–26, reflecting the expanding scope and complexity of the sector.
PSEB is seeking industry views on whether the current SBP purpose codes sufficiently cover evolving ICT business models or whether new, ICT-specific codes are required. The aim is to improve the accuracy of foreign exchange reporting and facilitate smoother remittance inflows. Stakeholders have been asked to submit their feedback by January 2, 2026, along with details about their organization type and the specific gaps they face under the existing coding framework.
Through a structured input process, PSEB is requesting recommendations on proposed new or revised purpose codes, the types of ICT activities they would cover, and the justification for their introduction. Industry participants are also being asked to evaluate whether the benefits of introducing additional purpose codes would outweigh the complexity they may create, particularly in addressing challenges linked to emerging digital services and non-traditional ICT exports.
At present, the SBP uses purpose codes for several IT-related services, including call center services, IT and software development consultancy, computer hardware consultancy, software exports, ITeS and BPO services, and freelance computer and information services. The harmonized coding system was significantly revised in April 2003 and later updated in line with the International Monetary Fund’s BPM6 guidelines, with major changes implemented from August 2020 to meet international reporting standards.
According to PSEB, industry input could help create a more efficient and accurate foreign exchange reporting system aligned with real-world ICT operations. Feedback may also highlight gaps in areas such as artificial intelligence development, cloud computing, and specialized freelance services that may not fit neatly into existing categories.
Improved classification would allow more precise measurement of the IT sector’s contribution to the national economy, support evidence-based policymaking, and reduce operational challenges for exporters and banks, similar to earlier initiatives that led to the establishment of facilitation mechanisms at the SBP.
