Telcos Earned Rs. 537.2 Billion and Contributed Taxes of Rs. 137 Billion in FY2020: PTA
The Telecom sector in Pakistan withstood the impact of COVID-19 and showed sustainable revenues of Rs. 537.2 billion in the fiscal year 2019-20 (FY2020) as compared to Rs. 550.4 billion in FY2019.
The sector also made a significant contribution of $622.5 million (24 percent) to the total net Foreign Direct Investment (FDI) in the country. This was revealed by the Annual Report 2020 released by the Pakistan Telecommunication Authority (PTA) on Thursday.
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The sector’s contribution to the national exchequer also increased by 129 percent (Rs. 278.4 billion), owing to deposits of $687.8 million by Cellular Mobile Operators (CMOs) under license and spectrum renewal fee and a substantial increase in General Sales Tax (GST) and Withholding Tax (WHT), which remained suspended last year on the directions of the Honorable Supreme Court of Pakistan.