Iceland raises its film refund incentive from 25% to 35% for major productions

– Declared by Film in Iceland on 16 June, the provision is set to raise the country’s attractiveness as a place for filming significant film and Tv initiatives

Iceland raises its film refund incentive from 25% to 35% for major productions

Iceland’s Minister of Society, Lilja Alfredsdottir (© Gummi Thor)

On 16 June, Movie in Iceland introduced a 10% boost in the country’s movie refund incentive programme, bringing it from 25% up to 35% for significant productions.

Iceland’s Minister of Lifestyle, Lilja Alfredsdottir, warmly welcomed the provision, which was not too long ago approved by the Parliament: “The widespread backing in Parliament by all get-togethers is a testomony to the guidance that the movie field enjoys in Iceland. Considering that the introduction of the 1st reimbursement plan in 1999, Iceland has been absolutely dedicated to creating a fruitful extensive-term romance with stakeholders in the film field. The new bill presents enhanced incentives and signifies just one stage of several that Iceland has taken to underline that determination.”

(The post carries on underneath – Industrial information)

This new hike follows 2016’s selection to raise the tax break from 20% to 25%.

“With up to a 35% refund on production charges, a amazing wide range of areas within access of just about every other and remarkably professional movie crews, filming in Iceland gives a special option for all filmmakers,” advertises The reimbursement scheme is described as “simple, clear and effective”, and in unique, “production fees refer to all prices incurred in Iceland deductible from the revenues of enterprises pursuant to the provisions of the Act on Income Tax”.

According to the web site, in buy to gain from the 35% refund incentive, a output have to fulfil three demands. Initially, output expenditures incurred in the generation of the motion photograph or tv materials need to be a minimum of 350 million Icelandic crowns (circa€2.51 million). Second, the job should have a least of 30 operating times in Iceland, either consisting of actual shooting days or described article-manufacturing working times (of the 30 functioning days, a minimal of ten capturing days in Iceland is, having said that, normally needed). Third, the quantity of workers doing work straight on the job shall be a bare minimum of 50, and this function shall total to 50 operating times. Both of those income and payments to employees and contractors need to be taxed in Iceland.

Additionally, movies and tv programmes produced in Iceland receive European content standing and can as a result be unveiled in Europe with out influencing any quotas on the launch of non-European content material. In addition, Icelandic productions can also acquire grants offered by the EU and its member international locations.

Last but not least, it is truly worth mentioning that the reimbursement scheme does not include the production of adverts or tunes movies.

You can locate out more about the programme here.

(The report carries on underneath – Professional information and facts)

Angelia S. Rico

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