Quezon City Representative Alfredo Vargas III has filed a bill that will give the local film industry tax breaks to encourage theater owners to screen local films.
“Hollywood films have surpassed their local counterparts in the mainstream movie industry. In fact, there would only be less than twenty films, which are of good quality and can be showcased internationally. Through the enactment of this bill, we can see the industry transform into something that is supportive of the needs of the people and is leaning on indigenous culture,” Vargas, an actor, said.
Under his bill, local producers may claim total expenses in the making and screening of the film as tax deductions. It also exempts the film and entertainment industry from the value-added tax on raw materials and equipment used to produce films and music albums.
Vargas also wants the Local Government Code amended to exclude locally-produced films that feature a predominantly Filipino cast from the amusement tax. Also exempted from the amusement tax are “locally-produced operas, concerts, dramas, recitals, painting and art exhibitions, flower shows, musical programs, literary and oratorical presentations including pop, rock or similar concerts featuring Filipino artists.”
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Photo: Frank Grosebuch
