Published: Thursday December 6, 2012 MYT 6:09:00 PM
New incentives for local and foreign film makers
SINGAPORE: As part of efforts to boost the Malaysian film industry, the Government has introduced new production incentives for both local and foreign film producers who use Malaysia as a location for their movies' production and post-production.
Announcing this, National Film Development Corporation of Malaysia (Finas) chairman Datuk Md Afendi Hamdan said both local as well as foreign film productions, including feature films, animation, documentaries, television productions and commercials, would be eligible for a 30% cash rebate on audited in-country spendings.
Speaking at Creative Malaysia's networking luncheon here, MD Afendi said they qualified with the minimum spend criteria of US$806,000 (RM2.5mil) applicable to Malaysian film productions and US$1.66mil (RM5mil) in-country spend applicable to foreign productions.
"The incentive - Malaysia Production Incentive Rebate - will be effective from January 2013," he said.
The networking luncheon was held in conjunction with Malaysia's participation at the 13th Asian Television Forum (ATF) & ScreenSingapore 2012, at Marina Bay Sands Expo & Convention Centre, here.
Md Afendi is leading a Malaysian delegation representing 50 companies to ATF from Wednesday to Friday.
Organised jointly by Finas, the Malaysian Communications and Multimedia Commission (MCMC) and the Multimedia Development Corporation (MDeC), the Malaysia Pavilion at ATF is the most attractive and largest of the pavilions in the hall, occupying more than 200 sq metres of floor space.
Response for the networking luncheon was overwhelming, with more than 300 industry professionals attending the event.
Other attractive grants and financial incentives being implemented and disbursed include a US$38mil (RM120mil) creative industry grant by the Information, Communications and Culture Ministry, a US$33mil (RM100mil) Creative Industry Development Fund by the MCMC and a US$65mil (RM200mil) MyCreative Ventures with the interest to help boost the creative industry's significance to the Malaysian economy.
The financial support is applicable to Malaysian companies but not limited to foreign co-production partners through the application of a Malaysian partner. - Bernama