Lawmakers on Tuesday approved a tax exemption card for foreign film producers and actors of movies filmed in Thailand for a period of five years.
The tax exemption is an incentive for international movie producers to shoot their films in Thailand, deputy government spokesperson Rachada Dhnadirek said.
According to Ms. Rachada, the measure also aims to enhance Thailand’s “soft power”.
The country reported almost 400 million baht in revenue last year from foreign film productions shot in Thailand, with average revenues of 3.5 billion baht from 2017-2021.
Tax Exemption to Attract Productions
In an effort to promote foreign film production, Thailand offers cash rebates ranging from 15-20% of expenses incurred in the country, with a maximum of 75 million baht.
Nevertheless, foreign actors are required to pay their own personal income tax in Thailand and in their home countries. The cost of filming in Thailand may be a factor for filmmakers when choosing where to shoot.
According to Rachada, Thailand’s revenues from foreign film shooting will reach 17.5 billion baht over the next five years with the new incentive in effect.
An exemption would cost the country about 71.75 million baht.”