The government of Thailand has recently announced plans to introduce additional tax breaks and other incentives aimed at incentivizing foreign film producers to conduct their activities in the Southeast Asian country, following a South Korean series that registered remarkable success with an episode set in Thailand.
The new tax breaks are in effect from the beginning of August 2023. To be eligible, foreign actors must appear in films produced by businesses or legal partnerships legally incorporated in foreign countries. Foreign artists will be exempt from income tax for a period of five years.
This is just one example of the incentives that the government is putting forward to attract more foreign production teams to film movies, series or television programmes in Thailand. For instance, in February 2023 the government increased rebate rates for foreign films shot in Thailand, while raising the cash refund cap. Such moves are capturing the attention of overseas players. In effect, the Thai Culture Ministry highlighted how an increasing number of film-makers from around the world are planning to film in Thailand.
Illustratively, Thailand’s booth at the Cannes Film Festival in May 2023 drew more than 600 executives from the film industry seeking information about filming in the Southeast Asian country. Currently, the government counts 21 film producers from eight countries interested in filming in Thailand, including the United States, Canada, France, Greece, Switzerland, the Netherlands, India and Australia, with a total investment of around USD 147 million).
(Sources: The Star; The Straits Time)
