By Faiza Tehseen Islamabad, March 14 (INP-WealthPK): Pakistan’s IT exports have got a massive boost after the government waived off the Capital Gain Tax (CGT). Globally, Pakistan is one of top five IT services providing countries and earned at least USD0.5 billion [from free lancing/IT services] last year. Talking to WealthPK, Aitzaz Khan, Amazon FBA (Fulfilment by Amazon) expert from Enablers Private Limited, an IT services providing/free lancing company, said, “It (CGT waiver) is a positive step to promote this sector. Earlier, it was bit difficult to manage in the limited amount gained after tax deductions. Freelancers use their own sources to earn without any support from any institute. Freelancing earning is not only increasing Pakistan’s foreign exchange and GDP, but also decreasing pressure on the government by providing job opportunities. Being FBA at Amazon is a welcoming sign for the local and foreign investors”. Sharing his views about the CGT exemption, Ahtasham Abbasi, freelancing floor in charge and management coordinator from Enablers Private limited, said, “I daily receive a good number of people/students interested in adopting freelancing as a career/part-time job. Before CGT exemption, mostly they were hesitating to join this platform. The reason was too low output due to tax deduction. They had to face another deduction in case of using platforms, such as Fiverr and Upwork, if they did not get direct clients/hiring companies. Now, the freelancers are happy. Since they are not attached with any platform, they will get the total profit and one side deduction only if they use any work platform. Being an Amazon FBA expert, it is my observation that keen queries of local and foreign clients have increased compared to the past.” Speaking to Wealth-PK about the CGT exemption, Mudassar Shahid, Software Engineer and Director QA in Ibex, a software development company, said, “CGT is a good favour from the government to promote the IT sector. It is motivating new investors to step in this sector. Now software companies will earn better profits. Local software companies may also establish a strong IT services providing network globally. It will help Pakistan to increase GDP, earn a handsome foreign exchange and generate better revenue. Pakistan’s soft IT services are getting strong grounds globally. In this situation, this type of tax exemption is a positive step”. Representing the voice of investors and professionals in the IT sector, President of Islamabad Chamber of Commerce and Industry (ICCI) Shakeel Munir said in a recent meeting with the trade & business community, “CGT exemption for freelancers, start-ups and other IT professionals is a positive step taken by the government. It will help increase the IT exports better than before and at a much greater scale. The foreign and local investors are also taking more interest in this sector now. The government must ensure more ease to boost the IT sector. In near future, the IT sector will make the economy thrive”.