The State Bank of Pakistan has introduced new measures to simplify export procedures for IT companies and freelancers in Pakistan, aiming to promote ease of doing business and boost the country’s digital economy.
According to the central bank, the reforms focus on streamlining export realisation processes, standardising documentation, and improving complaint resolution systems for exporters of IT services.
One of the key changes includes replacing the requirement of submitting Form R for every transaction with a one-time declaration. IT exporters and freelancers will now only need to declare the nature of their services when opening a new account, reducing repetitive paperwork and saving time.
The SBP has also set a maximum processing time of one working day for handling inward export receipts and outward remittances through Exporters’ Special Foreign Currency Accounts, ensuring faster financial transactions.
Additionally, documentation requirements for outward remittances have been standardised across banks to improve clarity and consistency. Banks have also been directed to enhance their internal systems to address complaints efficiently, ensuring better service delivery for freelancers and IT firms.
Further reforms include increasing the threshold for Form R submission to transactions above $25,000 and encouraging digitalisation of forms with auto-filled customer data to simplify procedures.
These measures come as Pakistan’s IT exports continue to grow, reaching $3.8 billion in FY25, marking an 18% increase compared to the previous year. Freelancers and small businesses remain key contributors to this growth, supported by government incentives and expanding global demand for digital services.
The initiative is expected to strengthen Pakistan’s IT sector and provide greater support to freelancers, making it easier for them to operate and expand internationally.
