In order to boost up the national IT sector of the country and to attract more foreign investors in it, the National Assembly has passed a special bill on Friday, termed as “The Special Technology Zones Authority Bill, 2021” in which it said to provide 10-year tax exemption to IT zone developers and companies.
The Special Technology Zones Authority Bill, 2021 provides “Exemptions & Incentives for zone enterprises” & “incentives for the Authority & zone developers” starting from the date, the agreement of the Development was signed to 10 years.
The developers would be exempted from all customs duties & taxes on investment goods, but not limited to raw material, plant, mechanical equipment, hardware, machinery and software, imported into Pakistan for use inside zones by the authority & zone developers.
As well as the bill would also give provision of exemption to zone enterprises from all customs duties & taxes on investment goods.
According to the purpose and motives of the bill, to offer corporate and legislative backing for the domestic technological development sector with worldwide aggressive and export-oriented structures & environment, as a supplement to the developing cooperation between academia, research, & technology industry.
Furthermore, it would also help establish jobs in the technology sector, exploiting on our youth surplus.
Formation of the Authority will also create an environment which will attract direct foreign investments, aside from better quality of national technology products and services as well as promoting innovation.
Apart from this, the Govt with the goal to enhance its IT export performance is establishing special technology regions throughout the country.
This program started on 2nd December 2020, when the Regime of Pakistan approved a law to build Special Technology Zones Authority (STZA) in Pakistan, to enter Pakistan into the worldwide blowing up Information Technology sector.
PM Imran Khan has supervising the headway by acting as the leader of the Board of Governors of the STZA.
