'K-pop tax holiday’ will take effect on August, govt says
The government is introducing more tax breaks and other incentives to encourage foreign producers to film in Thailand after a Korean series sparked Thai fever with an episode set in Thailand, said deputy government spokesperson Trisulee Traisoranakul.
New tax breaks for foreign artists will take effect on August 2, Trisulee said.
To be eligible for the tax breaks, foreign actors must appear in films produced by businesses or legal partnerships legally incorporated in foreign countries. Foreign artists will be exempt from income tax for a period of five years, Trisulee said.
This is just one incentive to draw more foreign production teams to film movies, series, or television programmes in Thailand, she added.
She made the comments after an episode of the Korean series "King the Land" set in Thailand encouraged people from all over the world to visit the kingdom.
The new tax breaks will benefit Thailand’s filmmaking sector and also increase tourism, Trisulee said.
The Culture Ministry said an increasing number of filmmakers from around the world are planning to film in Thailand. The Thai booth at the Cannes Film Festival in May drew more than 600 executives from the film industry seeking information about filming in Thailand, the ministry said.
"There are 21 film producers from eight countries interested in filming in Thailand. The countries are the United States, Canada, France, Greece, Switzerland, the Netherlands, India, and Australia [and their] total investment is more than 3.8 billion baht," Trisulee said.
In February, the government increased rebate rates from 15-20% to 20-30% for foreign films shot in Thailand, and raised the cash refund cap from 75 million baht to 150 million baht per movie.
Under the revised rules, filmmakers can receive rebates of 20% for every 100 million baht they spend filming in Thailand. They can receive an extra 10% rebate if they hire Thai staff, promote Thai culture, and film outside of major tourist destinations.
The government is confident that its more generous tax incentives make Thailand a competitive location for filming. Trisulee said the government has additional strategies to attract foreign film producers.
