Breaking: 50% Dollar Utilization for IT Firms Allowed

Staff Report

In a groundbreaking decision, the Special Investment Facilitation Council has granted 50 percent Dollar Utilization for IT Firms.

This decision allows IT companies to transfer their offshore accounts to Pakistan, said Dr. Saif caretaker IT Minister in a statement.

He said that the current IT export volume, standing at $2.6 billion, could potentially exceed $4 billion.

Previously, IT companies were restricted to only holding up to 35% of their dollars, leading several firms to keep offshore accounts.

This recent ruling fulfills the long-standing demand of IT companies and is expected to boost the influx of dollars into the country.

IT Industry’s Response to the 50% Dollar Allowance

IT industry has hailed a decision of the government to allow IT firms 50 percent dollar utilization.

“We had demanded 100% dollar utilization,” said Chairman P@SHA Zohib Khan. “However, we wholeheartedly accept the increase from 35% to 50%” he added.

The Special Investment Facilitation Council’s actions and Dr. Omar Saif’s initiatives are highly appreciated, according to Khan. Huawei Seeks Regulatory Support for Thriving Digital Financial Landscape

Efforts will be made to expedite the transfer of IT company accounts to Pakistan, the Chairman said.