PM aide calls for bringing online payment firms to Pakistan

ISLAMABAD: Global online payment firms like PayPal or Alipay will have to be brought to Pakistan in order to properly calculate earnings from software and other IT-related exports, said Abdul Razak Dawood, Adviser to the Prime Minister on Commerce,  on Tuesday.

Speaking at a press conference, he said the taxman is unable to calculate export earnings of software in a proper manner in the absence of digital payment platforms.

The adviser said the federal cabinet has approved an e-commerce policy which will prove to be a milestone in boosting the national economy.

He said the government fell $200 million short of its $5.7 billion export target in the first quarter of the ongoing fiscal year.

He said the government is committed to increasing the country’s exports by removing all the obstacles in the way of trade. Significant measures have been taken in this regard, he added.

Dawood renewed the government’s commitment to continue all-out efforts for promoting exports, he added.

Speaking at a workshop titled ‘Digital Payments Reforms’ organised by SBP in collaboration with the World Bank on Oct 5, SBP Governor Dr Reza Baqir had emphasised the importance of building a modern and robust payment system in the country that enables provision of cost-effective and easily available digital financial services to the general public.

This, he stated is a key strategic objective of SBP. Governor Baqir shared SBP’s plans for leading an aggressive adoption and implementation of the National Payment Systems Strategy in the country.

He emphasised that interoperability is key to achieving faster digitisation goals. He also informed the participants that a new faster payment gateway will be launched next year to facilitate instant transfer of funds.