Budget 2022-23
ISLAMABAD/LAHORE
The government has announced to establish a Film Finance Fund with the annual allocation of one billion rupees and launching the first-ever medical insurance policy for artistes.
This was revealed by Federal Finance Minister Miftah Ismail during the budget speech 2022-23 in the National Assembly on Friday. He termed the uplift of film, culture and heritage, drama and fine arts necessary to promote the soft image of the country at the international level and bring innovations in societal trends.
He announced a five-year tax holiday for filmmakers, a five-year income tax exemption on the construction of new cinemas, production houses, film museums, tax rebate on film and drama export and income tax exemptions for cinema and producers.
Rs1 billion will be utilised for establishing a National Film Studio along with a National Film Institute and a Post-Film Production Facility. The foreign filmmakers will be given a tax rebate on local joint productions of films and dramas with the condition of 70% shooting within Pakistan so that the projection of different local places can help promote tourism and culture, besides business activities.
The minister said an 8% withholding tax was being withdrawn for distributors and producers while a five-year exemption from the customs duty on the import of necessary equipment for films and dramas was being given.
Meanwhile, artistes have praised the positive measures the government has taken for the next fiscal year to promote the film industry and relieve film actors and workers.
