26th June 2024Federal Budget Should Incorporate IT Industry ProposalsAtif Ikram Sheikh.

The President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Atif Ikram Sheikh, has expressed concerns about the Federal Budget 2024-25 and its impact on the information technology (IT) industry. Sheikh believes that the budget will worsen brain drain in the IT sector due to high taxation, stifling growth and innovation. The Pakistan Software Houses Association (P@SHA) has also raised concerns about the budget, particularly regarding the higher income tax burden on the salaried class and the remote worker tax regime. P@SHA proposes reforms, such as a competitive tax rate for registered IT companies and clearer policies for remote workers, to address these issues and promote the growth of the IT industry. [Extracted from the article]