In the fiscal year 2023-2024 budget, the federal government has chosen to exclude freelancers from filing tax returns while granting IT the status of small and medium company.
Govt decided to exempt Freelancers from Tax Returns
The federal government has decided to exclude freelancers from filing tax returns. Five billion rupees have been earmarked for venture capital to encourage new start-ups and youngsters to undertake business, while the tax on IT services in Islamabad has been decreased from 15% to 5%.
Lending banks will receive a 20% tax break for giving loans in the IT industry, and the government has agreed to launch a program to provide professional training to 50,000 IT graduates in the coming fiscal year.