$633m ICT exports recorded in Q1 FY2022-23

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The State Bank of Pakistan (SBP) has reported $633 million of ICT export remittances during the first quarter of FY2022-23 (July-September).

During the first quarter of the last fiscal year, the ICT export remittances were recorded at $635 million, said a news release of the Information Technology and Telecommunication Ministry on Tuesday.

Instability of currency (PKR), disruptive conversion of IT & ITeS export income tax exemption policy to a taxation regime, lack of fast-track inward/outward remittances, and import restrictions /hurdles on ICT products are the major factors contributing to the slowdown in export remittances.—APP

 

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