The Thai government has given the green light to enhance tax breaks for foreign film productions in the country, with the goal of boosting filming activity. According to Traisuree Taisaranakul, a government spokesperson, the cabinet made the decision during a meeting on Tuesday and agreed to modify the tax incentives and standards to encourage foreign film shoots. Currently, Thailand provides a 15% cash rebate for every 50 million baht spent on a movie shoot.
Foreign film studios that hire local employees, display Thai culture, and film in less touristy provinces are eligible for an additional 5% cash rebate, with a maximum rebate limit of 75 million baht.
The cash rebate program has been improved to 20% of the 100 million baht spent on film shoots, with the option of a further 10% rebate for those who use Thai staff, highlight Thai culture, and film in less touristy areas. The limit for the cash rebate has been raised to 150 million baht.
She said the government considers it imperative to revise the tax incentives and requirements to attract foreign film productions as other countries have now become more appealing with their incentives.
The move aligns with the government’s plan to increase revenue and competitiveness, enhance the film industry, and stimulate economic growth. (PRD)