IT Remittances till April 2016

Dear PSEB Members,

Below are State Bank’s figures for IT remittances from July 2015 to April 2016 for a total of $453 million at an average of $45.3 million per month:

S # Category SBP Code Exports in Millions US$(Jul 2015 – Apr 2016)
A Computer Services   $395.58
1 Export of Computer Software 9184 $240.86
2 Software Consultancy Services 9182 $102.99
3 Other Computer Services 9185 $49.12
4 Hardware Consultancy Services 9181 $1.99
5 Maintenance & Repairs of Computers 9183 $0.62
B Call Centers 9102 $57.42
  TOTAL (A +B)   $453

Hence, when compared with last year’s growth in IT remittances of 41%, this year’s growth has been 5% only. One of the reasons for this decline was expiring exemption on income tax on exports on 30th June, 2016. However, PSEB is pleased to announce that in budget 2016-17, this exemption has been extended till June 2019. Based on industry meetup in April 2016, PSEB and Ministry of IT had submitted a proposal on tax exemption on IT exports to Ministry of Finance and FBR which was reviewed and approved by them.

PSEB estimates that only 20-25% of the companies are following the procedure and correctly reporting inward remittances against the above mentioned SBP codes assigned for IT services. Your active cooperation is highly desired in pursuing your respective banks to use the above SBP codes only when reporting IT export remittances to the State Bank of Pakistan, rather than codes meant for other sectors. It is also important to understand that when your principal remits monthly expenses to you, those are exports of Pakistani registered company, since in return you are providing software/services to the principal.

In order to encourage IT exports and to recognize the top exporters, PSEB will be announcing top exporters based on remittances during 2015-16 at PSEB’s event later this year (remittances will be calculated based on submitted R-forms against above mentioned SBP codes). For this purpose, PSEB has defined the following exports categories:
• PSEB Platinum Exporter (Annual remittances of $10 million or more)
• PSEB Gold Exporter (Annual remittances of $5-9.99 million)
• PSEB Silver Exporter (Annual remittances of $2.5-4.99 million)

Should you have any questions about exports reporting, then do not hesitate to contact the undersigned.

Best Regards,

Syed Ali Abbas Hasani

Director, Operations & Administration

Pakistan Software Export Board

Ph: +92-51-9206961, 9204074 (Ext 106)

Cell: 0300-8506806

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

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