SIFC reviews smartphone financing hurdles

The issues related to smartphone financing have landed in the Special Investment Facilitation Council (SIFC), which has directed the Ministry of Information Technology and Telecommunication to conduct due diligence by the end of June 2024. Sources told The Express Tribune that draft regulations for smartphone financing had been tabled before a recent meeting of the SIFC. During discussions, the SIFC instructed the IT ministry to undertake a due diligence exercise through consultations with different stakeholders and experts by the close of June 2024. It underscored the need for developing a viable way forward for addressing the smartphone financing issues. The Shehbaz Sharif-led government has recently imposed taxes on smartphones in the budget for fiscal year 2024-25. However, it has been greeted with dismay by the telecom industry, which says such high taxes will block the government’s initiative to provide smartphone financing.