Trimming the Tax
by Diem ~ January 29th, 2009. Filed under: SineBuano News & Announcements.
The Film industry in the Philippines gets a boon this 2009 as the government approves to reduce the 30% amusement tax to 10%!
Compared to its Asian neighbors, the Philippines places a hefty tax on the gross incomes of its local film productions. Taiwan imposes only a 7.6% tax while Singapore a seriously low 3% tax.
In Europe, France places 11%, Italy 9%, Portugal 7.5% while Germany 3%! No wonder Uwe Boll still makes movies. But Germany doesn’t hold a candle to Switzerland’s 0.15% tax.
So now the amusement tax in the country has been reduced to 10%, I think a lot of local movie producers are starting to see their wallets and purses grow bigger.
Could this gracious move by our House of Representatives and Senate help our struggling movie industry get back on its feet?
Your thoughts.
January 31st, 2009 at 1:11 am
Though this might sound good, however I hope film producers won’t continue financing mediocre movies because of this. I still fear that it might just increase the number of mediocre-quality films.
Just my two cents.