A gathering of CEOs was conducted by Pakistan Software Export Board (PSEB) at ITCN Asia, Karachi Expo Center. The Deputy Governor of State Bank of Pakistan (SBP), Mr. Saeed Ahmad, Chief Commissioner IR of Federal Board of Revenue (FBR), Ms. Nausheen Amjad, representative of Sindh Revenue Board (SRB), and numerous members of IT companies took part in the meeting.
Purpose of the forum
Exports reporting, expansion in income tax, exception on IT trades till 2019 were briefly explained to the IT companies. SBP, FBR and SRB’s requirements to enroll, taxation and reporting were also discussed in the gathering. PSEB also discussed the issues regarding SBP, FBR and SRB besides giving a chance to the IT companies to share their suggestions with them.
Managing Director of PSEB, Mr. Asim Shahryar Husain began the meeting with the briefing of PSEB’s plans for 2016-17 and the exports of IT industry. He stated that by one year from now, PSEB will hopefully raise its yearly IT settlements to a billion dollars.
In addition, he further said that by uniting diverse partners in the IT industry, PSEB will probably offer certainty to the IT organizations. Subsequently, they can transmit a greater amount of their remote income to Pakistan. For that purpose, he has asked SBP to encourage IT companies with the extraction of foreign trade when making payments to their remote suppliers which generally takes time.
The process and rules for tax exception and reporting settlements were discussed by:
1- Mr. Syed Irfan Ali, Executive Director of SBP
2- Mr. Syed Shakeel Ahmed, Additional Commissioner of FBR
3- Ms. Nida Noor, Assistant Commissioner of SRB
While speaking to the forum, Mr. Saeed Ahmad focused on the significance of joint efforts between IT companies to cooperate on greater IT projects. He also discussed the need of various government departments to help IT entrepreneurs of Pakistan. Moreover, he specified that how the export of software and IT administrations can be a vital key to accelerate the exports and raise the financial growth of Pakistan.
After the discussion, Q&A session was conducted for the audience to raise any question regarding taxation and export reporting.
Moving forward
Once the panel discussion got concluded, the Chairman and CEO of PK2100, Mr. Minhaj Khokhar imparted his vision with the audience in regards with how he can encourage local IT companies in expanding their business to ASEAN countries and North America.
In the future, PSEB is planning to conduct more similar gatherings with SBP and FBR in popular cities of Pakistan.
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