Pakistan Rupee Exchange Rate
Dr. Umar Saif, the Caretaker Federal Minister for IT & Telecom, and Science & Technology in Pakistan, outlined a roadmap to boost online freelancers in Pakistan:
- Enabling PayPal and Stripe: The government aims to bring PayPal and Stripe payment gateways to Pakistan, making it easier for freelancers to monetize their skills.
- Equal Tax Treatment: Online freelancing will be taxed at the same rate as the IT industry, which is 0.25%. This aims to provide a more favorable tax environment for freelancers.
- Co-Working Spaces: Plans include creating co-working spaces to accommodate 500,000 freelancers, offering them suitable working environments.
Dr. Umar Saif unveils IT export plan of $10 Billion
Caretaker Federal Minister for IT and Telecommunication Dr. Umar Saif has unveiled the roadmap to achieve the target of $10 billion in annual exports through four major dimensions.@ITCNASIASOCIAL #madeinpakistan pic.twitter.com/n2IBEVZWS0
— Ministry of IT & Telecom (@MoitOfficial) August 31, 2023
Dr. Saif expressed optimism that these initiatives could enable Pakistani freelancers to collectively earn up to $2.5 billion within the next two years. He acknowledged past difficulties faced by freelancers due to the absence of PayPal and Stripe in Pakistan and pledged to meet with representatives from these companies.
Additionally, Dr. Saif emphasized the importance of the IT industry in addressing Pakistan’s trade imbalance and the potential for service-based industries to contribute positively. He also recognized the need to simplify tax regimes and encourage IT companies to bring their revenue back to Pakistan.
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Lastly, he mentioned plans to collaborate with the State Bank of Pakistan to introduce dollar retention accounts, potentially boosting the IT industry’s size from $2.6 billion to $3.5 billion in a short span if facilitated effectively.
