According to PBS, Pakistan earned US$1,947,902 million in the first three quarters of fiscal year 202122 by delivering various Information Technology (IT) services in other nations.

Computer services exports increased by 31.38 percent from July to March (202122), rising from US$1,191,160 million previous fiscal year to US$1,564,922 million this fiscal year. Software consulting services exports climbed 46.84 percent from US$393.791 million to US$578.241 million, while hardware consulting services exports increased 304.18 percent from US$0.407 million to US$1.645 million.

Software-related services exports and imports both climbed by 41.59 percent from US$294.965 million to US$417.631 million, while repair and maintenance services exports increased by US$1.$130 million from $0.399 million.

Other computer services exports also climbed by 12.89 percent, from $501,598 million to $566 million.275 million.IT services exports, on the other hand, surged by 37.54 percent over the same period, from $3,010 million to $4,140 million.

News agency services exports climbed by 69.82 percent from $1,640 million to $2,785 million in information services, while other information services exports declined 1.09 percent from $1,370 million to $1.355 million. Telecom services exports increased 21.16 percent to $378.84 billion from $312.69 billion in the previous year, according to the data.

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A shocking report by the Pakistan Association of IT and ITeS Software Companies (P@SHA) shows that after the recent abolition of tax deductions for the IT industry, Pakistan has become the worst-operated country in the IT industry until 2025.

Major countries. However, India’s IT industry is in a leading position with the most installations, while Pakistan’s installations and profits have dropped to zero. P@SHA’s tweet wrote: “Tax exemption is the biggest benefit Pakistan has given. With the recent changes in the tax system, it has also been harmed.”

P@SHA published a comparative assessment of Pakistan and the major countries in the region (including India, China, and Bangladesh) tax incentives. P@SHA emphasized that export duty-free, special economic zones, duty-free imports, and cash incentives are some of the main benefits provided in these countries.

P@SHA has previously warned about the negative impact of the cancellation of tax exemption on Pakistan’s IT exports. It turns out that until 2025, IT export tax exemption proved to be the only substantive support for IT departments, replaced by a complex tax credit system, full of additional compliance requirements, and will have a negative impact on IT export growth Trends, he said, While urging the Prime Minister to take immediate action.

The FBR started to identify individuals and businesses that took advantage of the tax exemptions/concessions granted by the Income Tax Regulations of 2001. This is reportedly part of a broader crackdown. According to the policy, 70,000 individuals will be notified to collect taxes of Rs 10 crore paragraph.

Payoneer, the only major international payment gateway operating in the country, has also come under fire and has aroused criticism from various IT stakeholders, including members of the IT industry and the IT minister himself, who have issued multiple statements.

Judging from the government’s absurd fiscal policy, even Bangladesh seems to be improving in terms of tax incentives. Its foreign exchange reserves are worth 41 billion U.S. dollars, while Pakistan’s is 20 billion U.S. dollars.

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