35 pct cash rebate will attract foreign companies to shoot film in Malaysia - Finas

From Nur Adila Abdul Wahab

CANNES (France), May 19 (Bernama) -- The 30 per cent cash rebate offered through the Film In Malaysia Incentive (FIMI) and an additional up to five per cent cultural test rebate will attract more foreign production companies to shoot their films in Malaysia.

The National Film Development Corporation Malaysia (FINAS) chief executive officer Prof Dr Md Nasir Ibrahim said this advantage needed to be highlighted to attract foreign industry players as the rebates were the highest rate being offered compared to other countries.

He said not many foreign film producers were aware of the fact that Malaysia is offering a high rebate incentive of 35 per cent, adding that Malaysia’s neighbouring countries such as Thailand are only offering a 25 per cent cash rebate.

"We see this as an advantage that we need to highlight so that more foreign companies know about the cash rebates to further boost our film industry," he told reporters here.

He said FINAS intended to use the Marche Du Film 2022 film market taking place here as a platform to promote Malaysia as an international filming destination as well as to promote the country's creative content products.

"We want to boost the country’s film industry because when filming is done in Malaysia (by foreign production companies), we require at least 30 per cent of workers involved in the productions should be locals,” he said, adding that it would allow exchanges of skills, knowledge and experiences for local industry players.

Md Nasir said foreign film producers are eligible for the 30 per cent rebate if they spend about RM5 million on their productions, while local film producers can also make use of the incentive if they spend RM1 million to produce their films.

In addition, they are also eligible for an additional cash rebate of up to five per cent if their films feature elements of nationhood, arts, culture and so on, he said.

On the RM50 million foreign investment target set through FIMI at Marche Du Film, Md Nasir said the amount was achievable as several foreign companies have shown their interest to buy the country's creative content.

He said the target was set based on the meetings held between producers in Malaysia and foreign buyers, adding that discussions were still being held between both parties.

"InsyaAllah, there are already some foreign companies 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, which is held annually in conjunction with Cannes Film Festival.

A total of 250 companies from 110 countries are participating in the nine-day event beginning May 17.

-- BERNAMA