Prime Minister Suggests Substantial Incentives for IT Sector in Budget 2023-24

During a high-level meeting chaired by Prime Minister Shehbaz, the focus was on promoting the IT sector and the upcoming budget. The Prime Minister emphasized the need to develop a comprehensive package for the IT industry and to introduce a fixed tax regime tailored specifically for this sector.

In addition, the meeting gave its preliminary approval for offering special incentives to new startups in the IT sector. The aim is to encourage entrepreneurship and foster innovation within the industry.  Recognizing the importance of encouraging youth to start their businesses, the Prime Minister announced the establishment of special training IT zones. 

Currently, 45,000 young people across the country are undergoing IT training, and this number is expected to increase with the implementation of the new initiatives. As part of the government’s efforts to empower the youth, PM Shehbaz announced the distribution of 100,000 laptops on a merit basis in the upcoming fiscal budget.

This initiative aims to provide deserving individuals with the necessary tools to pursue their education and career goals. Setting ambitious goals for the IT sector, the Prime Minister has targeted an increase in IT exports to $4.5 billion in the next year.

The proposed incentives for the IT sector in the fiscal budget 2023-24 demonstrate the government’s commitment to fostering the growth of the IT industry and creating an environment for innovation and entrepreneurship. Through increased investments, specialized training programs, and targeted initiatives, the government aims to establish Pakistan as a global hub for IT services.