ISLAMABAD: Caretaker Information Technology (IT) Minister Dr. Umar Saif announced that IT companies are now permitted to retain 50 percent of their revenue in dollars and use the funds without restrictions.
Dr. Saif informed a private TV channel that bringing dollars into Pakistan and using them freely has been a challenge, resulting in many IT companies in Pakistan opting to open dollar accounts abroad.
He mentioned that Pakistan’s current IT export volume stands at $2.6 billion but should ideally be around $3.5 to $4 billion.
Dr. Saif stated that this issue had been under discussion for an extended period, and a recent decision was made during the Apex Committee meeting for the convenience of Pakistani IT companies. It was decided that these companies could have their offices in Pakistan and retain 50% of their revenue in dollar form, allowing them to use their funds without restrictions.
He further explained that over the past 4 to 5 weeks, all relevant stakeholders were consulted on this matter.
Dr. Saif pointed out that previously, IT companies were only allowed to keep 35% of their revenue in dollars, which had led many firms to open foreign accounts. Going forward, there will be no limitations on any Pakistani IT company using 50% of its revenue in dollars.
