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FBR to Incentivize IT industry

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FBR to Incentivize IT industry

Chairman Federal Board of Revenue (FBR) Mr. Asim Riaz on Wednesday talked about giving some hope to the IT industry in the coming budget which is scheduled to be announced on Friday, June 10, 2022.  

While speaking at the signing ceremony of One Window Portal System by Special Technology Zone Authority (STZA), he said, “FBR is the top-tier revenue collection body of the Federal Government. Along with that, it has a strategic role in providing a sound business environment.” 

He further added that the STZA portal will engage local and international investors, and it would be integrated on a real-time basis with FBR and Customs Systems.  

Chairman FBR said the FBR was in line to facilitate all the necessary support required by STZA in this context. A functional working group has also been established, and a coalition with PRAL and PSW is currently underway.    

The purpose of STZA establishment was to operate as an autonomous body, but under the domain of cabinet body division. Its measures are to provide legislative and institutional support for Pakistan’s IT sector development.     

In order to set up technology zones, the STZA reserves an innovative and futuristic mandate including the IT sector across the country.  

This one-window portal consists of a digital system to facilitate STZA-bound licensed companies in the special technology zones. This opportunity will provide benefits to companies to get onboard digitally and integrate with different government and regulatory bodies.   

It is notable that the authority will play its pivotal role in promoting transparency, improving the ease of doing business, and will facilitate Foreign Direct Investment (FDI) in the country.     This one-stop portal is an important component of STZA’s overall long-term vision to develop a science and technology-based ecosystem through the development of specialized tech zones to boost technological development in the country. 

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