2024 Budget: RM160 million boost for arts and creative industry

KUALA LUMPUR: A total of RM160 million has been allocated to implement various initiatives for the benefit of the local arts and creative industry.

Prime Minister Datuk Seri Anwar Ibrahim during the tabling of the budget said the move was to ensure local creative talents would continue to be supported, subsequently encouraging the creation of more arts products in Malaysia.

"Of the total, RM60 million will be allocated under the Digital Content Fund to promote local arts and support content with national value (nilai kenegaraan).

"RM90 million will be allocated under the Film in Malaysia Incentive (FIMI) initiative to further encourage the production of international-standard films.

"Another RM10 million is to establish the MyCreative Matching Fund Scheme to support young artists in creative project development."

Anwar said following the Selangor government's move, which lowered the entertainment duty rate, the government plans to reduce the entertainment duty rate for the Federal Territories from the existing 25 per cent.

"The new rates are as follows; full exemption of entertainment duty for stage performances by local artists; reduction to five percent of entertainment duty for theme parks, family recreation centres, indoor game centres and simulators.

"There is also a reduction to 10 percent of entertainment duty for stage performances by international artists and other entertainment events such as movie screenings, sports events and games.

"As such, I call on the states governments to consider implementing a reduction for entertainment duties as it is able to support the development of local creative talent in addition to stimulating national tourism activities."

Anwar said to encourage the entry of foreign film productions into Malaysia, the government proposes to set a special income tax incentive between zero up to 10 percent to film production companies, foreign film actors and film crews who are filming in Malaysia.

"...And as recognition and appreciation to the arts, culture and heritage industry players, the government will resume hosting the annual Anugerah Seni Negara (National Artiste Award)."

Most Popular
Related Article
Says Stories