Pakistan’s IT Export Crossed $1 Billion Mark For the First Time Ever
For the first time ever, Pakistan’s IT Export has crossed the $1 billion mark. History has been made in the IT sector of Pakistan.
In the financial year, 2017-18 Pakistan’s exports of IT and IT related products & services reached $1.067 billion. 13% increase was seen in comparison to the financial year 2016-17 when Pakistan’s IT exports were recorded at $939 million. The statistics are in accordance to the data revealed by the State Bank of Pakistan.
Even though it is the first time that Pakistan’s IT export has crossed $1 billion benchmark, it is the second consecutive year when IT industry of Pakistan has made a record. In 2016-17 fiscal year Pakistan’s IT sector boomed and reached the highest value of IT payments. Also, it is pertinent to mention here that the IT export is seen almost 3 times more than what is displayed in State Bank’s data. As the IT export revenue is indicated in other sectors like automobile, health etc, in State Bank’s data. If that revenue is included, then Pakistan’s IT export has reached $3 billion mark in the 2017-18 fiscal year.
Also, Pakistan has one of the biggest freelancing markets in the world, so the payment of many freelancers come under overseas remittances, which also affect the IT export real number.
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As the demand for Pakistan’s IT products and services increased, the export of IT services surged up. Furthermore, new IT startups have been set up that provide services to overseas customers. As more foreigners have visited Pakistan, they have awareness about the talent & IT expertise in the country and are ready to capitalize on it.
In the USA Pakistan IT export has gone up by 60% and in European countries, it has gone up by 38%.
Government policies like zero income tax on IT export till 2025, 5% cash payment on IT exports, 5% turnover tax from ITeS, the establishment of special economic zones (SEZs) has helped in boosting the IT sector of Pakistan.
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