KARACHI: The Finance Bill 2022 has proposed a five years’ tax holiday for film procedures, and on establishing new Cenima houses, production houses, film museums, and tax rebate on export of film and drama for ten years, as well as producers income is exempted from Income Tax.
‘National Film Institute’ and ‘Post Film Production Facility’, and ‘National Film Studio’ receive an allocation of Rupees one billion. Cenima houses, Film museums and Post Production Facility is declared as ‘CSR’. Relate is offered to foreign film producers to produce films and dramas at local level here. It will conditional to shoot upto 70% in Pakistan so that various regions get introduced and their tourism and culture flourish, as well as employment and youth skill get empowered.
Development of tourism, social diversity, for introducing culture and identity of Pakistan at international level, the development of film, culture, heritage and fine arts is inevitable. In 2018, first ‘film and culture policy’ was approved by Cabinet during our tenure. Unfortunately, no progress was made during the last four years.
In the spirit of said policy of 2018, film has been declare industry with an amount of Rupees one billion, ‘Binding Film Finance Fund’ has been established for artists as well as ‘Medical Insurance Policy’.
The Finance Bill 2022 has proposed a five years’ tax holiday for film procedures, and on establishing new Cenima houses, production houses, film museums, and tax rebate on export of film and drama for ten years, as well as producers income is exempted from Income Tax.
‘National Film Institute’ and ‘Post Film Production Facility’, and ‘National Film Studio’ receive an allocation of Rupees one billion. Cenima houses, Film museums and Post Production Facility is declared as ‘CSR’. Relate is offered to foreign film producers to produce films and dramas at local level here. It will conditional to shoot upto 70% in Pakistan so that various regions get introduced and their tourism and culture flourish, as well as employment and youth skill get empowered.
Eight percent withholding tax on distributors and producers is being withdrawn. The import of machinery, equipment and other items shall be exempt from Custom Duty for five years. Finance Bill 2018 and Custom Act, 1969 is being amended through Finance Bill 2022 to introduce zero% sale tax and entertainment duty on import of equipment for film and drama. Because of these measures, Pakistan’s film industry will be rejuvenated whereas Pakistan severed relation with international media will be restored. Encouragement of new talent will provide career opportunities to youth in film industry.