Budget 2022-23: Big tax and duty cuts to boost the film industry

• The government has announced the establishment of a Film Finance Fund.
• National Film Institute and Post-Film Production Facility.
• Saima Ali Khan, a stage actress, said that the government’s offer of medical.

The government has announced the establishment of a Film Finance Fund with an annual budget of one billion rupees, as well as the launch of the first-ever medical insurance policy for artists.

Federal Finance Minister Miftah Ismail stated this during his budget statement to the National Assembly on Friday. He described the advancement of film, culture and heritage, theatre, and fine arts as vital for promoting the country’s soft image at the world level and bringing advances in societal trends.

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He promised a five-year tax vacation for filmmakers, a five-year income tax exemption for new cinemas, production houses, and film museums, a tax rebate on film and drama exports, and income tax exemptions for cinema and producers.

A total of Rs1 billion will be spent to build a National Film Studio, a National Film Institute, and a Post-Film Production Facility. Foreign filmmakers would be offered a tax break on local joint productions of films and dramas with the condition that 70% of the filming take place in Pakistan, in order to boost tourism and culture as well as business activity.

The minister announced the removal of an 8% withholding tax for distributors and producers, as well as a five-year exemption from customs duty on the import of necessary equipment for films and plays.

Meanwhile, artists have praised the government’s constructive steps for the coming fiscal year to boost the film industry and relieve film actors and workers.

Meera, a film actress, praised Prime Minister Shehbaz Sharif’s budget and motivation for the film industry, saying she was “overjoyed” that the government announced tax exemptions for producers and cinema owners, a five-year tax holiday for filmmakers, new cinemas, production houses, and film museums, as well as 10-year tax rebates for film and drama exports.

In an interview with The News, she stated that she would like to establish her own production studio and would like to receive a grant of one hundred million rupees from the Prime Minister. She stated that the country’s film sector will be revitalised as film education and production facilities with CSR status, such as the Post Film Production Facility, National Film Studio, and others would be constructed and the National Film Production Institute.

Saima Ali Khan, a stage actress, said that artists devote their entire lives to the enjoyment of the general public and that the government’s offer of medical insurance for artists and an Rs1 billion fund for the film industry was an appreciation of the services provided by artistes.

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