14 FILMS RECEIVE FINAS ITFC 2.0 INCENTIVE

KUALA LUMPUR, Sept 30 (Bernama) -- A total of 14 local films received the Feature Film Screening Incentive 2.0 (ITFC 2.0) amounting to over RM1.1 million from the National Film Development Corporation Malaysia (FINAS), in recognition of their box-office success.

FINAS chief executive officer Datuk Azmir Saifuddin Mutalib said the distribution of the incentive indirectly has a positive impact on the development of the local arts industry, particularly in terms of improving the quality of films produced.

"Alhamdulillah, we have a box-office record for this year, and even though the year isn't over yet, we've already surpassed what we achieved last year. This is what we want, to attract more viewers who are interested in local films to come to the cinema," he said after the handover of the ITFC 2.0 here today.

bootstrap slideshow

The incentive presentation ceremony was officiated by FINAS chairman Datuk Hans Isaac. Also present were the Ministry of Communications deputy secretary-general (Strategic Communications and Creative Industries) Nik Kamaruzaman Nik Husin, and FINAS member Rozaidi Abdul Jamil (Zed Zaidi), who is also the chairman of the Compulsory Screening Scheme.

This year, FINAS distributed over RM1.7 million in ITFC incentives, covering nine films from seven production companies that received RM613,702.13 under the ITFC 2.0 in April, while 14 films received over RM1.1 million under ITFC 2.0 today.

Azmir Saifuddin said the incentive not only eases the burden on producers but also serves as proof of the government's support for the sustainability of the country's film industry and is a reward for producers to achieve higher box office collections.

bootstrap slideshow

“...the desire is that this reward would enable them (the producers) to make their next film. This is also an initiative to replace the entertainment tax deduction," he said.

He said the incentive was awarded based on calculations according to the box-office collection of a film, for example, for a collection of RM2 million, the incentive is calculated at a rate of 10 per cent and then five per cent, with a maximum amount set at RM500,000.

"For example, the film ‘Blood Brothers’, even though it grossed tens of millions, it will only get a maximum of RM500,000," he said.

ITFC is an initiative of the Communications Ministry through Finas to assist and encourage film producers to produce local feature films, indirectly generating the development of the film industry through promotion and industry strategies for industry practitioners.

-- BERNAMA