Government Removes Withholding Tax on the IT Industry: Miftah Ismail
24th June 2022 Friday: In Islamabad, Miftah Ismail, the minister of Finance and revenue stated that the government has decided to eliminate withholding tax and some conditional statements regarding the information and technology (IT) sector.
A budget debate started in the National Assembly and winding up the debate, Miftah Ismail said:
“Those IT businesses that are generating less than 80 million will not pay tax and require the condition of statement as it was announced before in the government budget for 2022-2023.”
He also stated that the Pakistan Tehreek-e-Insaaf government’s venture tax had been lifted.
Amin-ul-Haque, The Minister of Information Technology and Telecommunications, in a statement, praised Finance and Revenue Minister Miftah Ismail for withdrawing the IT industry’s statement requirements and withholding taxes.
“The removal of the capital gains tax would provide significant benefits to investors interested in the IT business,”
Amin remarked in a news statement in response to the Finance Minister’s announcement of incentives for the industry earlier in the Parliament on Friday that day.
He hoped that in addition to putting the measures into action, the government would also provide the Federal Board of Revenue (FBR) with a very clear directive in this respect.
According to the IT minister, implementing these recommendations in their entirety will bring excellent outcomes and strengthen the sector.
He described the incentives as a positive development, but he advocated for greater incentives and changes in the IT business.
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