IT and IT-enabled Services (ITeS) export remittances comprising computer services and call center services increased by around 17.37 percent during the first eight months (July-March) of the current fiscal year 2023-24 and remained $2.283 billion compared to $1.945 billion during the same period of last fiscal year.
The official data showed that ITeS exports’ remittances increased by around four percent on a month-on-month (MoM) basis in March 2024 and stood at $306 million, the highest-ever monthly exports compared to the previous record of $303 million seen in December 2023.
On a year-on-year (YoY) basis, the sector export remittances increased by around 36 percent compared to $225 million in March 2023.
The ICT export remittances, including telecommunication, computer, and information services, stood at $2.597 billion, a negative growth rate of around one percent in FY23 compared to $2.619 billion in the FY22.
The Ministry of Information Technology and Telecommunications has identified several constraints including inconsistency in policies, taxation issues and banking hurdles which are hampering the country’s information technology sector’s export potential of around $15 billion.
Editorial & Legal Practice Group
Authored and reviewed by the corporate law and tax litigation practice group at Javid Law Associates. Our team comprises High Court advocates, corporate legal advisors, and authorized tax practitioners across Pakistan.
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