Industry status for IT and telecom sector: minister

Industry status for IT and telecom sector: minister

ISLAMABAD: To boost the Digital Pakistan initiative, the government has decided to accord major concessions to the IT & Telecom sector by granting it the status of ‘industry’, with reduced taxes and duties, Federal Minister for Information Technology and Telecommunication Syed Amin-ul-Haque said on Thursday.

Various heavy taxes on the telecom sector will be reduced gradually, Mr Haque said at a press conference where he highlighted the decisions made by the federal cabinet earlier this week.

The cabinet has approved grant of the status of “industry” to the telecom sector in next fiscal year 2021-22, while advance income tax on mobile phone users will be reduced from 12.5 per cent to 10pc and will be gradually lowered to 8pc in FY23, he said.

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