Customs duty on equipment, sales tax reduced
ISLAMABAD: An incentive package was announced for the film industry in the budget announced today.
The package would provide an enabling environment for thefilm industry to flourish and to project Pakistani culture.
The main features of the incentive package include thereduction in customs duty to 3 percent on the import of films and drama production equipment and sales tax to 5 percent.
Finance Minister Miftah Ismail said the package also envisaged theestablishment of a revolving fund for promoting film and drama industry and to provide financial support to deserving artists.
The government also announced 50 percent rebate to companies investing in film projects for five years.
He said that a 50 percent tax rebate will be given on the income derived by foreign filmmakers from films made in Pakistan.
Ismail said that further details of the film-policy would be presented by Minister for Information, Broadcasting, National History and Literary Heritage Marriyum Aurangzeb.