Govt withdraws withholding tax, condition of statement on IT sector : Miftah.

ISLAMABAD -- Minister for Finance and Revenue Miftah Ismail on Friday said that the government had decided to withdraw withholding tax and condition of statements in the IT sector.

Winding up the budget debate in the National Assembly, he said 'the IT companies earning less than Rs 80 million would not pay tax and require the condition of statement as was earlier announced in the federal budget 2022-23.'

He said the venture tax imposed by the Pakistan Tehreek-e-Insaf government on the IT sector had also been withdrawn.

Minister for Information Technology and Telecommunication Amin ul Haque in a statement hailed Finance and Revenue Minister Miftah Ismail for abolishing conditions of statement and withholding tax on the IT industry.

The investors who wanted to invest in the...