Cash rebates of up to 35 percent encourage foreign publishers to film in Malaysia – Finas
CANNES (France): The offer of a 30 per cent cash rebate through the Film Production Incentive in Malaysia (FIMI) and an additional up to five per cent through a ‘cultural test’ is seen as able to attract more foreign production companies to choose Malaysia as a filming location.
Malaysian National Film Development Corporation (Finas) chief executive officer Prof Dr Md Nasir said this was an advantage that needed to be highlighted to foreign industry players as the amount of cash rebates offered was the highest compared to other countries.
“Not many outsiders know, publishers in particular that we have a high rebate incentive of up to 35 per cent which even our neighboring countries like Thailand only 25 per cent.
“So we see this as an advantage that we need to highlight so that more outsiders know about the rebates we have and with this it will further boost the film industry in our country,” he told reporters here.
He said Finas intended to use the Marche Du Film 2022 film market which took place here as a platform to promote Malaysia as an international filming destination as well as to promote and sell the country’s creative content products.
“Through this rebate, we actually want to generate the film industry in our country to be more lively because with the filming done in Malaysia, we require at least 30 percent of the employment in the production from locals.
“So there is an exchange of skills and knowledge as well as experience for art activists in Malaysia,” he said.
Md Nasir said any industry player who undertook filming in Malaysia with a minimum expenditure of RM1 million for local film producers while RM5 million for international producers, they were eligible for a 30 per cent cash rebate.
Meanwhile, an additional up to five percent through a ‘cultural test’ can be obtained if the film producer displays elements of nationhood, art, culture and so on in the film produced.
Commenting on the target of RM50 million foreign investment into Malaysia through FIMI at Marche Du Film, Md Nasir said the target was achievable as several foreign companies were interested in buying the country’s creative content.
“The RM50 million target is based on the engagement or meeting that has been done between the manufacturers in Malaysia and also buyers from outside. They have already made an engagement and from yesterday and today they are still continuing discussions.
“God willing, there are already some companies from outside that are interested in buying our country’s content,” he said.
Marche Du Film is the film industry’s largest gathering for producers, financiers, broadcasters, distributors, suppliers and buyers from around the world to meet, share ideas and make deals.
A total of 250 companies from 110 countries participated in the nine -day film market starting May 17.
source – BERNAMA
