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.

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%.

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.