ISLAMABAD, Jun 10 (APP): The government has announced to establish Film Finance Fund with the annual allocation of one billion rupees and launch first-ever medical insurance policy for the artists.
This was revealed by the Federal Minister for Finance Miftah Ismail during the budget speech 2022-23 in the national assembly on Friday.
The uplift of film, culture and heritage, drama and fine arts was termed necessary to promote soft image of the country at international level and bringing innovations in societal trends.
A five years tax holiday for film makers; five years income tax exemption on construction of new cinemas, production houses, film museums, tax rebate on film and drama export and income tax exemptions for cinema and producers were announced.
Rs.01 billion will be utilized for establishing National Film Studio along with National Film Institute and Post Film Production Facility.
The foreign film makers will be given tax rebate on local joint productions of films and dramas with the condition of 70 percent shooting within Pakistan so that the projection of different local places can help promote tourism and culture, beside business activities and skilled youth.
The eight percent withholding tax is being withdrawn for distributors and producers while five years exemption from the custom duty on import of necessary related equipment for films and dramas was also announced.