On Friday, Federal Finance Minister Miftah Ismail announced Pakistan’s federal budget for 2023, which includes several initiatives to boost the country’s film industry. The film industry was given significant tax exemptions and benefits, including a five-year tax holiday and up to 10-year rebate on film exports. Additionally, the government announced a Rs. 1 billion fund for medical insurance of artists and film industry personnel, a decision that has been widely praised by film actors and professionals.
The government’s focus on reviving the film industry is aimed at enhancing employment opportunities for the masses. The five-year tax holiday is particularly aimed at promoting the construction of new cinemas and production houses. Furthermore, foreign film makers will be given a tax rebate if 70% of the production of the film is done in Pakistan, which will promote tourism and present a softer image of the country.
The film industry is a significant contributor to the economy, both in terms of direct employment and revenue generated through exports. These initiatives are expected to not only boost the film industry but also create more job opportunities for the masses. The government’s vision of a flourishing film industry also aligns with its broader economic agenda of promoting industries that have the potential to generate significant revenue and employment opportunities for Pakistan.