Kuala lumpur: 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.
According to BERNAMA News Agency, FINAS chief executive officer Datuk Azmir Saifuddin Mutalib stated that the distribution of the incentive indirectly impacts the development of the local arts industry, particularly in terms of improving the quality of films produced. He expressed satisfaction with the box-office achievements this year, noting that they have already surpassed the figures from the previous year even though the year is not yet over. This success is seen as a means to attract more viewers to local cinema.
The incentive presentation ceremony was officiated by FINAS chairman Datuk Hans Isaac. The event was also attended by 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. This included nine films from seven production companies receiving RM613,702.13 under the ITFC 2.0 in April, while 14 films received over RM1.1 million under ITFC 2.0 at the latest ceremony.
Azmir Saifuddin highlighted that the incentive not only alleviates financial burdens on producers but also serves as evidence of governmental support for the sustainability of the country's film industry. It is intended as a reward for producers to strive for higher box office collections. He explained that the incentive could enable producers to finance their next film projects and is part of an initiative to replace the entertainment tax deduction.
He further explained that the incentive is awarded based on the box-office collection of a film. For example, a film collecting RM2 million would have an incentive calculated at a rate of 10 percent and then five percent, with a maximum cap set at RM500,000. He cited the film 'Blood Brothers' as an example, noting that despite its high earnings, it would only receive a maximum of RM500,000.
The ITFC initiative by the Communications Ministry through Finas aims to assist and encourage film producers to create local feature films, thereby fostering the development of the film industry through promotion and strategic industry practices.