AUGAF
  • Home
  • Politics
  • Business
  • National
  • News
  • Finance
  • Technology
  • Sports
  • International
  • CommoditiesNew
  • Contact
No Result
View All Result
Pakistan Stock Exchange
  • Home
  • Politics
  • Business
  • National
  • News
  • Finance
  • Technology
  • Sports
  • International
  • CommoditiesNew
  • Contact
No Result
View All Result
AUGAF
No Result
View All Result
Home Business

Government Withdraws Tax exemptions for Avanceon, Netsol, Systems and other IT exporters

admin-augafbyadmin-augaf
June 11, 2022
inBusiness, Culture, Technology
Reading Time: 2 mins read
0
Government Withdraws Tax exemptions for Avanceon, Netsol, Systems and other IT exporters

Government Withdraws Tax exemptions for Avanceon, Netsol, Systems and other IT exporters

Share on FacebookShare on TwitterWhatsapp

Islamabad 10 June, 2022: PMLN led coalition Government has withdrawn tax exemptions available to technology exporters upto June 2025 who were bringing 80 percent of their IT exports back to Pakistan. Technology sector showed exponential growth and brought large amount of foreign currency to support country FX reserves and also supported the Pakistan stock exchange through significant rally in stock prices.

Now good days are over for Pakistan Technology companies as they will pay 0.25 percent as final income tax on their exports which were completely exempt before upto June 2025. Avanceon, Netsol and Systems limited are the major IT exporters listed on Pakistan stock exchange which are driving their income through large amount of exports.

The IT and ITeS sector is seen as the backbone for the growth of the country. The IT industry has been showing an impressive growth pattern and its exports are expected to exceed $3 billion by the end of this financial year. The change in policy is being cited as a damaging factor for investor confidence.

Tax exemption on Income from exports of computer software or IT services or IT enabled services were available till 30th June, 2025. Earlier former Prime Minister Imran Khan in his address to the nation has announced a complete tax exemption for information technology (IT) companies and freelancers, reverting the earlier status of the IT industry as tax-exempt.

In his address, Prime Minister Imran Khan said that a 100 per cent capital gains tax exemption will be given for investments in IT startups, besides easing foreign exchange restrictions for the industry.

The sector is already suffering from double taxation as its services were charged taxes at a business level as well as at an individual level when the profits were distributed to shareholders. The proposed reforms also aim to resolve this issue by onboarding all stakeholders.


Related Posts

Swat to get High Speed Internet services for more than 65,000 people

IT Freelancers To Get Special Foreign Currency Account: Ministry of IT and Telecom

Multiple Websites Go Offline

State life insurance to offer insurance products for IT freelancers and industry


Tags: Information Technology
admin-augaf

admin-augaf

Related Posts

Germany takes step closer to gas rationing
Business

Germany takes step closer to gas rationing

June 25, 2022
Toyota recalls electric cars over concerns about loose wheels
Business

Toyota recalls electric cars over concerns about loose wheels

June 25, 2022
EU’s Borrell in Tehran for talks on reviving Iran’s 2015 nuclear pact
Business

EU’s Borrell in Tehran for talks on reviving Iran’s 2015 nuclear pact

June 25, 2022

Recent News

Germany takes step closer to gas rationing

Germany takes step closer to gas rationing

June 25, 2022
Toyota recalls electric cars over concerns about loose wheels

Toyota recalls electric cars over concerns about loose wheels

June 25, 2022
U.S. Supreme Court overturns Roe v. Wade, ends constitutional right to abortion

U.S. Supreme Court overturns Roe v. Wade, ends constitutional right to abortion

June 25, 2022
EU’s Borrell in Tehran for talks on reviving Iran’s 2015 nuclear pact

EU’s Borrell in Tehran for talks on reviving Iran’s 2015 nuclear pact

June 25, 2022
Four-nation T20I series idea is still alive’: Ramiz Raja

Four-nation T20I series idea is still alive’: Ramiz Raja

June 25, 2022

Popular News

  • Pak Suzuki Increased Car Prices Upto PKR 150,000

    Pak Suzuki Prices to go up by PKR 76,000 to PKR 81,000 If Mini Budget Get Parliament Nod

    0 shares
    Share 0 Tweet 0
  • Pakistan raised PKR 792 billion at all time high rates, yields crossed 15% for the first time

    0 shares
    Share 0 Tweet 0
  • Gold Prices To Increase More Than 17 thousand per Tola After Approval of Mini Budget

    0 shares
    Share 0 Tweet 0
  • OGDCL and PPL to hold 16.67% share in $10 Billion Reko Diq project

    0 shares
    Share 0 Tweet 0
  • Meezan Bank became the fourth largest bank overtake MCB in terms of deposits: PSX

    0 shares
    Share 0 Tweet 0

Categories

  • Budget
  • Business
  • Culture
  • Finance
  • International
  • National
  • News
  • Politics
  • PTI
  • Sports
  • Technology
AUGAF Logo

Follow us on social media:

Recent News

  • Germany takes step closer to gas rationing
  • Toyota recalls electric cars over concerns about loose wheels
  • U.S. Supreme Court overturns Roe v. Wade, ends constitutional right to abortion

Category

  • Budget
  • Business
  • Culture
  • Finance
  • International
  • National
  • News
  • Politics
  • PTI
  • Sports
  • Technology

Recent News

Germany takes step closer to gas rationing

Germany takes step closer to gas rationing

June 25, 2022
Toyota recalls electric cars over concerns about loose wheels

Toyota recalls electric cars over concerns about loose wheels

June 25, 2022
  • Home
  • Politics
  • News
  • Business
  • National
  • Finance
  • Technology
  • International

© 2021 AUGAF.

No Result
View All Result
  • Home
  • Politics
  • Business
  • National
  • News
  • Finance
  • Technology
  • Sports
  • International
  • Commodities
  • Contact

© 2021 AUGAF.

ArabicEnglishItalianSpanishUrdu