ISLAMABAD: The federal government has decided to give the information technology (IT) sector the status of small and medium enterprises (SMEs) and has also announced tax relief for freelancers, AR. Y News reported on Friday.

Finance Minister Ishaq Dar today unveiled the Federal Budget 2023-24 with a total outlay of Rs 14,460 billion.

Referring to the Information Technology (IT) sector, Ishaq Dar said that the current government has decided to give it the status of Small and Medium Enterprises (SMEs).

Read: Ishaq Dar unveils federal budget for FY 2023-24 with total outlay of Rs 14.5 trillion

The Finance Minister announced that the income tax relief on IT imports has been extended till June 2026. Apart from this, a venture capital fund of 5 billion rupees will be established for the IT sector.

The government has also decided to provide vocational training to 50,000 IT graduates.

To facilitate the business environment, freelancers have been exempted from sales tax registration and returns for annual exports of $24,000, he said. Apart from this, a simple one-page income tax return form is also being launched for them.

Read: Budget 2023-24: Key announcements for salaries, EOBI pension, CDNS

As part of the relief measures, the government extended by two years the objective of subsidized tax rate of 20% for low-cost housing, agriculture, and SMEs including IT and ITES from additional advances of banking companies. Who is

Additionally, the government decided to encourage export of commodities i.e. agricultural produce, gems, metals and others through online platform by providing 1% concessional final tax rate to indirect exporters.