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Possible Tax Break For Filipino Film Industry

by Mary Swire, Tax-News.com, Hong Kong

27 October 2008

A Filipino city is considering exempting the movies from the current amusement tax in a bid to give the national industry a boost and help tackle piracy.

The move has been designed to aid the country's flagging movie industry, which has suffered significantly over the past thirty years.

A request to revise the city's tax code to allow greater tax relief for the film industry was formally sent to the Makati City Council on Monday by Makati Mayor, Jejomar Binay.

In response to this, the council has drafted an ordinance, which will seek to exempt all films shown in any of the city's 31 Filipino movie houses from the tax.

Speaking of his request, Mr Binay remarked in a statement that:

“We cannot expect the Filipino movie industry to survive if government continues to impose excessive taxes. We hope that by exempting Filipino movies from the 30 percent amusement tax in Makati, we can help the thousands of workers and encourage producers to continue making movies."

A comprehensive report in our Intelligence Report series examining tax-sheltering arrangements for investors, including Venture Capital, Forest Finance, Film Finance, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report5.asp

 

 






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