Spain increases tax incentives for international shootings up to 30%
The Spanish Government approved yesterday an excellent improvement in tax incentives to attract international shootings, at the proposal of the Spain Film Commission and other entities in the Spanish audiovisual sector, which place it among the most competitive in the world.
The Decree-Law approving measures to support the cultural sector to deal with the situation arising from COVID-2019, includes in its third final provision, the increase in tax incentives for international shootings.
The refund percentage increases from 20% to 30% for the first million euros and to 25% for the rest of the expense in Spain and raises the maximum refund limit to 10 million euros.
The expenses will have to be at least 1 million euros and will be for creative staff with tax residence in Spain or in another state of the European Union, with a limit of 100,000€ per person and in technical and supplier services. The crisis generated by the stoppage of shootings after the declaration of the State of Alarm, has meant the suspension of more than 300 shooting throughout the territory, with the consequent loss of jobs and the economic impact for the audiovisual industry. This increase will allow big-budget projects, which in the past have been limited production in Spain, can now consider shooting in the country.
With this reform, Spain is positioned as one of the most competitive and profitable shooting destinations for the international industry, along with Estonia, France, Ireland, United Kingdom, Malaysia, Canada or the Dominican Republic among the most outstanding.
As announced by the Government, the filming of movies and series is scheduled to resume its activity on May 11.
Regarding the health safety of film shootings, Spain Film Commission works with institutions and professional associations in a handbook of tips and best practices to help ensure that the activity is safe for all workers in the industry and will be available soon.
One of the key measures proposed by the Spain Film Commission to revive the industry and which has also been taken up by government measures, is to promote the Spanish Audiovisual Hub, which will function as a tractor for large-scale audiovisual projects, when mobilty restrictions are lifted , both in the country and in the issuing markets.
We wish to highlight the role of Mr. James Costos, as Spain Film Commission Honorary Ambassador, who sent to the President of the Spanish Government, a letter also signed by the President of the Spain Film Commission, Carlos Rosado, requesting the adoption of this important measure that joins the announcement of the Minister of Culture to advance in the formation of the Spanish Audiovisual Hub that will strengthen the Spanish audiovisual sector
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