ISLAMABAD, Jan 26 (APP): Minister for IT and Telecommunication Syed Amin Ul Haque on Tuesday appreciated Federal Board of Revenue’s recent initiative of adopting definition of IT/ITES sector as defining the scope for an IT Company or ITES Company in tax regime was need of the hour.

This positive news has a great value for sector which has posted 40% growth rate in IT Exports Remittances during July-December for current Financial Year amounting USD 958 million, in comparison to remittances of USD 684 million posted for first half of last financial year, said a news release.

Ministry of IT & Telecommunication has been raising this concern with FBR in the past, and inclusion of subject definition is a welcoming step for the sector.

In these difficult economic times when whole globe is facing crisis due to COVID-19’s unprecedented impact on global economics, Pakistan’s IT growth is on positive trajectory surpassing every traditional sector’s growth figures contributing immensely in bringing Pakistan on the growth path.