The film and music industry benefits from tax advantages
The local film and music industry in the country could soon get a reprieve from pandemic-related losses after the House of Representatives passed a bill in its third and final reading that would grant them tax exemptions and benefits. subsidies.
Voting 195-0-0, lawmakers on Monday approved Bill No. 10541, or the “Movies and Live Events Recovery Act,” which would reduce the 10% entertainment tax imposed on movie theaters. to 5% of the gross receipts of the entrance fees.
If passed, the bill will exempt operas, concerts, plays, musicals, recitals, painting and art exhibitions, flower shows, programs locally produced musical performances, literary and oratorical presentations and local film production.
The bill would also suspend the power of local governments to impose an entertainment tax for two years, which could be extended for another two years, subject to the approval of the Ministry of Finance.
“As evidenced by the dismal performance of the recent Metro Manila Film Festival 2021, which returned to cinemas, our local film industry is in grave peril,” said Pangasinan representative Christopher de Venecia, one of the lead authors of the project. of law. INQ
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