KUALA LUMPUR, Oct 14 — Various initiatives can be implemented to boost the local arts and creative industry through the allocation of RM160 million under the Malaysia Madani Budget 2024.

Popular composer and rapper Syed Ahmad Syed Abdul Rahman Alhadad or better known as Altimet said the rapid growth of the creative industry can contribute positively to the economic growth of the nation.

"On average, the creative industry in developing countries contribute about six to 10 per cent of the country’s Gross Domestic Products (GDP) but in Malaysia, the industry contributes around two per cent.

"Therefore, we, being a part of the creative industry must increase our contribution to at least six per cent of the GDP. To achieve that goal, we need to increase our efforts continuously,” he told Bernama.

Prime Minister Datuk Seri Anwar Ibrahim when tabling the Budget 2024 in Parliament yesterday announced an allocation of RM160 million to support the creative industry in the country to carry out various initiatives for the benefit of the industry.

From the total, RM60 million will be allocated under the Digital Content Fund to promote local arts as well as support content with national value while RM90 million is for ‘Film in Malaysia Incentive’ to further encourage the production of international-standard films and another RM10 million is to set up the MyCreative Matching Fund Scheme to support young artists in creative project development.

The singer, who is also the State Assemblyman for Lembah Jaya, described the exemption of entertainment duty for stage performances by local artists, reduction to five per cent of entertainment duty as a move in the right direction to revive the creative industry in the country.

"There is also a reduction to 10 per cent of entertainment duty for stage performances by international artists and other entertainment events such as movie screenings, sports events and games.

"To me, it is one little band aid that helps, if we look at Selangor, the 15 per cent tax had been abolished and such incentives will depend on states. For Kuala Lumpur, it was 25 per cent previously and the announcement by the Prime Minister will certainly serve as an encouragement to further develop the local creative industry,” he said.

In the meantime, Persatuan Perfileman Malaysia (Gafema), which comprise seven associations that are involved in the local filming industry were grateful to the government for the consideration and help rendered to develop the creative industry.

Gafema president Pansha said the allocation of RM90 million can serve as a tonic to encourage local film producers to produce films of international standards.

The prime minister, when tabling the budget, said that to encourage the entry of foreign film productions into Malaysia, the government proposes to set a special income tax incentive between zero to 10 per cent to film production companies as well as for foreign actors and filming crew when carrying out their filming activities in Malaysia.

"Some have already chosen Malaysia as an international filming destination and the announcement will serve as an added boost to encourage other international film production companies to choose Malaysia as their preferred destination for filming.

MyCreative Ventures (MyCreative) also described the Budget 2024 as the right move to encourage and assist the creative industry since the creative industry players have been seeking such support from the government for a long time.

The Redholah Arts and Culture chairman Amirul Haswendy Ashari hoped more new artists involved in theatre are given opportunities to showcase their creativity.

KRU Group’s president and chief executive officer Datuk Norman Abdul Halim in welcoming the allocation provided for in the Budget 2024 said the incentives were pragmatic and far-sighted, especially to strengthen the creative industry and encourage investment from the private sector.

In his Facebook posting today, Norman said the reduction of tax for international artists and exemption of duties for local artists will encourage more concerts to be organised, thus providing job opportunities. — Bernama