Sheikh Amjad Rashid, two-time Chairman of Pakistan Film Producers Association and Chairman of Distribution Club, Sheikh Amjad Rasheed, met Minister of State for Information and Broadcasting Maryam Aurangzeb in the federal capital, Islamabad.
During the meeting, Sheikh Amjad Rashid appreciated the efforts of the Minister of State while discussing in detail about the restoration of Pakistani film industry and establishment of artist relief fund in the budget 2024.
It should be noted that with the cooperation of Pakistan Film Producers Association and the Ministry of Information and Broadcasting, historic steps have been taken to provide relief to the cinema and film industry in the recent budget, among which the following are prominent.
In the Finance Act 2022, FBR has provided tax incentives for the film and drama industry, 2 billion as film finance fund for film production and 1 billion for artistes’ health insurance to encourage film production at the local level and encourage producers. Actions like announcement of Rs., business associated with cinema operations, exemption from tax for 5 years on income from feature film production have been taken.
In addition, there are exemptions from withholding tax on payments made to distributors, producers and importers of feature films, exemptions from high advance tax on foreign TV dramas and advertisements.
Along with this, exemption from sales tax levied on advance and supply on import of cinematographic equipment for 5 years while zero rating for customs duties on import of cinematographic equipment for 5 years, effective utilization of funds provided by Govt. Notification of Film and Drama Finance Fund for Film and Drama Finance Fund, relief in tax matters to producers registered with Security Exchange Commission of Pakistan, announcement of Film Council are also included in the list of these measures.
Coordination with public and private sector, preparation of proposals and recommendations, initiation of rapid measures for development, promotion and revival of local industry and local cinemas and relief of 50% share in ease tax to benefit film producers. Also included.
Sheikh Amjad Rashid further said that steps are being taken for the development of the cinema industry so that the productions can be accelerated according to the tastes of the moviegoers and the market trends.
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