KUALA LUMPUR, October 13 — The Malaysian government, as part of Budget 2024, has announced a series of measures aimed at supporting the arts and entertainment industry while providing tax relief and incentives. Prime Minister Datuk Seri Anwar Ibrahim unveiled these measures during the budget presentation, underscoring the government’s commitment to promoting cultural and entertainment activities. One significant move involves a reduction or complete exemption of the 25 per cent entertainment tax in the federal territories. The changes are as follows:
- Zero Tax: Stage performances by local performers.
- 5% Tax: Theme parks, family recreation centres, indoor game centres, and simulators.
- 10% Tax Reduction: Stage performances by international artists, film screenings, sporting events, and game events.
These changes aim to make cultural and recreational activities more accessible to the public and support the local entertainment industry. They also provide tax relief for international events and performances, potentially attracting more foreign artists and shows to Malaysia. Furthermore, following input received from the “Jelajah Belanjawan MADANI” in Johor, the government plans to introduce a special tax rate for film production companies, foreign actors, and film crews involved in filming in Malaysia.
The proposed tax rate will range from 0 to 10 per cent, potentially encouraging more foreign productions to choose Malaysia as a location. As part of the government’s efforts to celebrate and acknowledge achievements in the arts, Anwar announced the return of the “Anugerah Seni Negara,” which will become an annual event. This prestigious award aims to recognize and honor legends and artists contributing to art, culture, and heritage in Malaysia.
The changes presented in Budget 2024 reflect the government’s recognition of the cultural and entertainment sectors’ importance in Malaysia’s society and economy. By offering tax incentives and celebrating artistic achievements, these measures aim to boost the nation’s cultural vibrancy and contribute to the growth of the creative industry.
