Malaysia Renews $76 Million Film Rebate Fund at Filmart, Hong Kong

The Malaysian National film Development Corporation (FINAS) recently announced about the extension of their flagship cash rebate program by the Malaysian government, with a support of approximately RM300 million (equivalent to $76.5 million USD) with the aim of positioning their country as a ‘primary destination for international productions’ across the Asia-Pacific.

The renewed program vows to support both inbound international productions alongside local projects with the FINAS data showcasing the global production accounts of $573.3 million USD as investment in international projects and domestic works contributing towards $140.2 million USD.

In simple terms, this means that FIMI offers a 30 percent cash rebate on qualified Malaysian productions in order to encourage the foreign as well as local film productions. This is again, extended to five years with a cash backing of up to $76.5 Million USD.

The CEO of FINAS at the Filmart told the audiences that through this incentive, the country has paid about $147 million USD in rebates across 243 approved projects and FINAS has also highlighted several international acclaimed pictures which benefitted from the Malaysian rebate in the recent times which includes the prominent ones like Blackhat, 6 Underground, Crazy Rich Asians and also the latest Lord of the Flies adaptation. Also The Mandalorian Season 2 also secured the 30% cash rebate because the VFX company which worked on it, Base FX is situated in Kuala Lumpur.

This Article is Written By Nag Adithya, a student of Loyola Academy interning with Deccan Chronicle.