IT firms, freelancers exempted from declaring export proceeds of up to $25,000

Pakistan central bank has exempted information technology (IT) companies and freelancers from declaring the receipt of export proceeds of up to $25,000, softening the services export reporting rules with an aim to accelerate growth of the country’s IT exports, according to a notification issued on Monday. Besides, the State Bank of Pakistan (SBP) has continued to allow the IT firms and freelancers retain $5,000 per month or 50% of their export proceeds, whichever is higher, in their Exporters’ Special Foreign Currency Accounts (ESFCAs), according to a separate notification. “The thresholds of Form “R” and IRV [Inward Remittance Voucher] have also been revised to $25,000 (equivalent in other currencies),” SBP said in notification.