ISLAMABAD – The government has announced the establishment of a Film Fund with an annual allocation of one billion rupees and the launch of the first-ever medical insurance policy for artists. This was revealed by Federal Finance Minister Miftah Ismail during the 2022-23 budget speech to the National Assembly on Friday. The upliftment of cinema, culture and heritage, theater and fine arts has been said to be necessary to promote a soft image of the country internationally and bring innovations in societal trends. A five-year tax holiday for filmmakers; a five-year income tax exemption for the construction of new cinemas, new production houses, film museums, a tax reduction on the export of films and dramas and exemptions from the income tax for cinema and producers have been announced.
01 billion rupees will be used to establish the National Film Studio as well as the National Film Institute and the Post Film Production Facility.
Foreign filmmakers will get a tax reduction on local joint productions of films and dramas on the condition that 70% are shot in Pakistan so that the screening of different local locations can help promote tourism and culture, in addition business activities and skilled youth.