Govt announces fiscal package for revival of film industry

ISLAMABAD, Apr 27 (APP):Federal Minister for Finance, Revenue and Economic Affairs Miftah Ismail on Friday announced a package to revive Pakistan’s film industry, which used to be the third largest in the world in the ’60s.
The minister during the federal budget speech 2018-19 said that the package will provide an enabling environment for film industry to flourish and to project Pakistani culture.
He said that the main features of this fiscal incentive packages are reduction in custom duty to 3 percent on the import of film & drama production equipment and sales tax to 5 percent, establishment of a revolving fund for promotion of film and drama industry and to provide financial support to deserving artists, rebate of 50% in income tax to companies investing in film projects will be given for 5 years, 50% tax rebate to income derived by foreign film makers from films made in Pakistan.