Federal Government has decided to exempt Freelancers from Tax Returns

ISLAMABAD: The federal government has decided to exempt freelancers from tax returns while giving IT the status of small and medium business in the budget of the next financial year 2023-2024. Freelancers do not even need to open a PayPal account, but under the system that is in place, the person sitting abroad will send money to his PayPal account, which will be received in the bank account of the desired person here.

Federal Government has decided to exempt Freelancers from Tax Returns

Five billion rupees have been allocated for venture capital to encourage new start-ups and youth so that the youth can do business while the tax imposed on the provision of IT services in Islamabad is being reduced from 15% to 5%. There is a new innovation in the world of communication which is called in-orbit satellite communication technology and with the help of this system now services like Starlink can provide internet etc. to the users anywhere.

A new space policy had to be made for this work which we have made and Pakistan is one of the few countries in the world which has made such an advanced space policy, under the policy Sparco and Paksat will also be able to continue working and private players will also be able to provide communication services. Under the policy, private companies will be able to come into Pakistan and provide internet facilities to users with modern communication wherever they are.

Federal Government has decided to exempt Freelancers from Tax Returns

Twenty percent tax concession will be given to lending banks for providing loans in the IT sector, while the government has decided to introduce a program to provide professional training to 50,000 IT graduates in the next financial year.

author avatar
Fahad Munir