ISLAMABAD: Declaring new IT companies tax-free in the next fiscal year 2017/18 is a mega incentive offered by the incumbent government, which would not only give boost to the local industry, but would also opened new avenues for job market, ensuring and development in the sector.
This was a major development that would provide landmark results for the IT sector, said Saghiar Watto, spokesman for the ministry of information technology and telecommunication.
The government of Pakistan has unveiled a progressive budget 2017/18, especially for the information technology sector of the country, he added.
One of the highlights of the federal budget is the revelation that the new tech companies would be exempted from income tax for the next three years in Pakistan, he added.
With the inclusion of 3G and 4G technology in Pakistan, a few years ago, this sector has seen a surprising boom in the shape of various new tech companies and startups.
Now, these companies can work towards improving their products and operations, as they won't have to worry about losing a lot of money through income tax, the spokesman said.
With the increase in startups, Pakistan has also witnessed increase in the rate of incubation centres, including Plan 9 in Lahore, National Incubation Centre in Islamabad, Nest I/O in Karachi, etc, who nurture the companies to attain future growth.