Revival of film industry: Cinemas given 10-year tax amnesty: Marriyum

ISLAMABAD: Minister for Information and Broadcasting Marriyum Aurangzeb on Sunday said that income of cinemas has been exempted from tax for next 10 years for revival of the film industry and the corporate sector is also being encouraged to invest in the industry.

Addressing the high achievers of the National Amateur Film Festival Awards here, the minister expressed pleasure that the film industry of the country is being revived as the result of the prudent policies of the incumbent government.

Highlighting the privileges being offered by the government to the film industry, she said the income of film industry and the imported equipment related to the production of the film and drama making have been exempted from tax. Moreover, the income of cinemas has also been exempted from tax for next ten years, she added.

She stated that the corporate sector is also being encouraged to invest in the film industry, adding that the government also announced the Film Finance Fund of Rs 2 billion with an aim to provide grants to the budding filmmakers.

Describing screen tourism as the best way to propagate the country’s narrative, she said that a series of tax exemptions for film industry and Film Finance Fund will not only bring value but also bridge the gaps of this sector.

She said that several private educational institutions including LUMS, NUST and Iqra introduced film production and drama as a degree courses in the country.

She pointed out that during 1970 to 2000, the development of the Pakistan film industry stopped and after 2000, the journey of development in the film industry began.

She added that the major media houses produced films individually, which started the revival of the film industry in the country. However, she regretted that due to the lack of cinemas, the film industry is not progressing further.

“Last year, when our government came again, we started a film division under the Ministry of Information. Presently, there is zero tax on Pakistan’s film industry,” she said, adding that there is also zero tax on import of equipment related to film making, cinema and production.

Copyright Business Recorder, 2023