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47% Film Tax Rebate
47% FILM TAX REBATE
The Film Tax Rebate has been increased from 35 per cent to 47 per cent and this will increase Fiji's competitiveness as a filmmaking destination and enable it to effectively contest for business against other jurisdictions, said Acting CEO of the Fiji Audio Visual Commission, Florence Swamy.
The increase was approved by Government in December 2010 and becomes effective from 1 January 2011.
The rebate incentive is targeted mainly at overseas film productions that are fully funded and that are looking for a location that will also give them the best benefits in making their budgets go further.
Ms. Swamy said that since the rebate was introduced, for the first time in 2003, many countries had introduced much more attractive incentives which to a large extent had negated Fiji's initial advantage.
"The significant increase in the rebate incentive allows us to vie for film business on a more competitive basis with other countries, and we thank the Government for this initiative which has been sorely missing for several years now," Ms. Swamy said.
She said that film productions bring in high levels of foreign exchange over a short period. And for every dollar spent in Fiji, a further 2.81 dollars is generated via the economic multiplier effect.
"This translates to local employment, business activities, the supply of goods and services, and the utilization of locations which would have not received such substantial locations fees otherwise," she said.
The industry is non-destructive to the environment and the films shot in Fiji showcase our country, the beauty of the locations, and promote and encourage visitors to come to Fiji, she said.
Ms Swamy said that while the FAVC will market Fiji to foreign filmmakers, it will also direct its efforts to encouraging local productions which will be a more stable source of audiovisual activity over the long run.
"To this end we will be working closely with local producers so that they may access other filmmaking incentives and also with television operators in an effort to have them broadcast a certain number of hours of prime time viewing dedicated to locally-produced programs," she said.
-END-
The Film Tax Rebate has been increased from 35 per cent to 47 per cent and this will increase Fiji's competitiveness as a filmmaking destination and enable it to effectively contest for business against other jurisdictions, said Acting CEO of the Fiji Audio Visual Commission, Florence Swamy.
The increase was approved by Government in December 2010 and becomes effective from 1 January 2011.
The rebate incentive is targeted mainly at overseas film productions that are fully funded and that are looking for a location that will also give them the best benefits in making their budgets go further.
Ms. Swamy said that since the rebate was introduced, for the first time in 2003, many countries had introduced much more attractive incentives which to a large extent had negated Fiji's initial advantage.
"The significant increase in the rebate incentive allows us to vie for film business on a more competitive basis with other countries, and we thank the Government for this initiative which has been sorely missing for several years now," Ms. Swamy said.
She said that film productions bring in high levels of foreign exchange over a short period. And for every dollar spent in Fiji, a further 2.81 dollars is generated via the economic multiplier effect.
"This translates to local employment, business activities, the supply of goods and services, and the utilization of locations which would have not received such substantial locations fees otherwise," she said.
The industry is non-destructive to the environment and the films shot in Fiji showcase our country, the beauty of the locations, and promote and encourage visitors to come to Fiji, she said.
Ms Swamy said that while the FAVC will market Fiji to foreign filmmakers, it will also direct its efforts to encouraging local productions which will be a more stable source of audiovisual activity over the long run.
"To this end we will be working closely with local producers so that they may access other filmmaking incentives and also with television operators in an effort to have them broadcast a certain number of hours of prime time viewing dedicated to locally-produced programs," she said.
-END-