Budget 2023-24: Pakistan announces new tax incentives and support efforts for freelancers, IT sector

10:59 PM | 9 Jun, 2023
Budget 2023-24: Pakistan announces new tax incentives and support efforts for freelancers, IT sector
Source: File Photo

ISLAMABAD – Finance Minister Ishaq Dar has emphasised the importance of the IT industry in Pakistan's future prosperity during his budget speech.

The government has made major efforts to alleviate the difficulties experienced by freelancers and the industry as a whole because it recognises its potential as a driver of economic growth.

Pakistan now ranks second in the world for freelancing, making it a worldwide leader. 

The government has implemented a 0.25% concessional income tax rate for freelancers in order to boost exports and ease corporate operations.

Until June 30, 2026, this advantageous tax status will remain in effect. Additionally, freelancers now have access to refunds on exports up to $24,000 annually and an exemption from sales tax registration.

By easing the burden of monthly tax filing, this policy intends to free up freelancers' time for productive work. Additionally, a one page income tax return that has been streamlined just for this category has been established.

The government has given IT and IT-enabled service companies the right to import software and hardware equal to 1% of their exports without paying any taxes in order to support their growth.

The yearly cap on these imports has been set at $50k. A hassle-free experience would be offered via the issuing of Automated Exemption Certificates for IT exporters, which will further streamline the procedure.

Given the importance of the IT industry, it has been granted Small and Medium Enterprises (SMEs) classification, allowing it to take advantage of reduced income tax rates.

The government intends to create a Venture Capital Fund with an initial budget of 5 billion rupees in order to promote innovation and entrepreneurship. This fund will give IT firms and projects the vital beginning cash they require.

The sales tax rate for IT services within the Information and Communication Technology (ICT) sector will also be decreased from 15% to 5%, according to the Finance Minister. This approach tries to encourage development and draw in additional capital.

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Today's currency exchange rates in Pakistan - Dollar, Euro, Pound, Riyal rates on Sept 30, 2023

KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on September 30, 2023 (Saturday).

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 286.05 289.15
Euro EUR 307 310
UK Pound Sterling GBP 353.3 357
U.A.E Dirham AED 80 80.8
Saudi Riyal SAR 76 76.75
Australian Dollar AUD 189 191
Bahrain Dinar BHD 778.84 786.84
Canadian Dollar CAD 220 222.2
China Yuan CNY 40.24 40.64
Danish Krone DKK 41.83 42.23
Hong Kong Dollar HKD 37.93 38.28
Indian Rupee INR 3.57 3.68
Japanese Yen JPY 1.63 1.71
Kuwaiti Dinar KWD 945.27 954.27
Malaysian Ringgit MYR 62.62 63.22
New Zealand Dollar NZD 174.58 176.58
Norwegians Krone NOK 27.87 28.17
Omani Riyal OMR 762.31 770.31
Qatari Riyal ‎QAR 80.69 81.39
Singapore Dollar SGD 208 210
Swedish Korona SEK 26.62 26.92
Swiss Franc CHF 323.01 325.51
Thai Bhat THB 8.12 8.27

Gold Rate in Pakistan Today – September 30, 2023

Today Gold Rate in Pakistan

KARACHI - The price of a single tola of 24-karat gold in Pakistan is Rs 205,600 on Saturday.

The price of 10 grams of 24k gold was recorded at Rs 176,270. Likewise, 10 grams of 22k gold were being traded for Rs168,730 while a single tola of 22-karat gold was being sold at Rs196,807.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

Today Gold Price in Pakistan - 30 September 2023

City Gold Silver
Lahore PKR 205,600 PKR 2,450
Karachi PKR 205,600 PKR 2,450
Islamabad PKR 205,600 PKR 2,450
Peshawar PKR 205,600 PKR 2,450
Quetta PKR 205,600 PKR 2,450
Sialkot PKR 205,600 PKR 2,450
Attock PKR 205,600 PKR 2,450
Gujranwala PKR 205,600 PKR 2,450
Jehlum PKR 205,600 PKR 2,450
Multan PKR 205,600 PKR 2,450
Bahawalpur PKR 205,600 PKR 2,450
Gujrat PKR 205,600 PKR 2,450
Nawabshah PKR 205,600 PKR 2,450
Chakwal PKR 205,600 PKR 2,450
Hyderabad PKR 205,600 PKR 2,450
Nowshehra PKR 205,600 PKR 2,450
Sargodha PKR 205,600 PKR 2,450
Faisalabad PKR 205,600 PKR 2,450
Mirpur PKR 205,600 PKR 2,450


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