FINAS Announce 30% production rebate.
Director General of the National Film Development Corporation (FINAS) – Mohd Naguib Razak, today announced the introduction of “Film in Malaysia”
Production Incentive last night during Malaysia’s Networking Reception Beach Party during the 4-day MIPTV 2012 in Cannes, France during 1 – 4 April 2012.
The introduction of this new production incentive is considered a major breakthrough and a huge boost for the Malaysian film industry as it will apply to both local film producers as well as foreign producers using Malaysia as a location for their film production and post-production.
Both local as well as foreign film productions, including feature films, animation, documentaries, television productions and commercials, will be eligible for a 30% cash rebate on audited in-country spend, as long as they qualify the minimum spend criteria of RM2.5 million applicable to Malaysian film productions and RM5 million in-country spend applicable to foreign productions.
He added that the introduction of this production incentive is very much in line with the Government’s “Economic Transformation Programme” and is intended to position Malaysia as a global filming destination and a content hub for Asia.
The Film in Malaysia Production Incentive Rebate will be effective from January 2013. FINAS being the lead federal agency entrusted with the responsibility to develop the Malaysian film & content industry, will be the agency responsible for processing all applications and approvals for this new production incentive.
FINAS is currently participating in MIPTV – Cannes, France (1 – 4 April), leading more than 40 Malaysian Creative Content Companies to the world’s largest market – MIPTV, comprising of broadcasters, distributors, TV & Film producers, animation producers, mobile & game developers.
Moving on, FINAS will also be organizing a Malaysian Delegation in Marche du Film in Cannes, France on 16 – 25 May, 2012.