The Pakistan Software Export Board (PSEB) has launched a consultation initiative, seeking feedback from the IT and IT-enabled services (ITeS) industry regarding the adequacy of the State Bank of Pakistan’s (SBP) purpose codes for reporting ICT export remittances. The move comes as Pakistan’s ICT export remittances recorded a notable 18.5 percent growth, reaching $1.799 billion during the first five months of FY 2025–26, reflecting a rapidly expanding and evolving sector.
PSEB has asked industry stakeholders to evaluate whether the current SBP purpose codes sufficiently capture emerging ICT business models or if new, sector-specific codes are required. Feedback is expected by January 2, 2026, and should include details about organization type, current operational gaps, and suggested improvements for the purpose codes framework.
The consultation aims to enhance the accuracy of foreign exchange reporting, facilitate smoother remittance inflows, and support the broader development of Pakistan’s ICT export ecosystem. PSEB has emphasized that submissions should include recommendations on new or revised purpose codes, the activities they would cover, and the rationale for their introduction. Participants are also encouraged to assess whether additional codes would provide more benefits than complexity, particularly given the rise of non-traditional ICT exports and emerging digital services.
Currently, SBP purpose codes cover a range of IT-related services, including call center operations, IT and software development consultancy, computer hardware consultancy, software exports, BPO and ITeS services, as well as freelance computer and information services. The coding framework has undergone multiple updates, with major revisions implemented in April 2003 and August 2020, aligning reporting standards with the International Monetary Fund’s BPM6 guidelines.
According to PSEB, industry feedback could lead to a more precise and efficient foreign exchange reporting system that reflects real-world ICT operations. The initiative may also address gaps in areas such as artificial intelligence development, cloud computing, and specialized freelance services, which currently fall outside existing categories.
A refined classification system would not only improve reporting accuracy but also provide a clearer picture of the ICT sector’s contribution to Pakistan’s economy. It would support evidence-based policymaking, reduce operational challenges for exporters, and further strengthen mechanisms established in collaboration with SBP to facilitate IT and ITeS exporters.
PSEB’s outreach underscores the importance of close industry engagement in shaping regulatory and operational frameworks that keep pace with Pakistan’s digital economy. By refining the purpose codes, the country aims to boost the efficiency of remittance flows, enhance visibility of sector contributions, and support continued growth and global competitiveness of the ICT export sector.
This initiative is a critical step toward ensuring that Pakistan’s IT ecosystem remains agile, digitally enabled, and aligned with the changing landscape of global technology services.
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