Hollywood is looking for a significant new deal from Iceland.
Iceland’s Film Commission announced on Thursday that it would increase tax breaks on films and TV projects to be filmed in the country from 25% to 35%, giving it an incentive for the best international filming locations. Products that qualify for unlimited loans will be reimbursed for all expenses incurred in Iceland.
The 35% incentive only qualifies for products that have been filmed in the country for at least 30 business days, create 50 local jobs, and have a minimum budget of $2.7 million. Other products can still claim a 25% tax credit.
Iceland increased tax breaks by between 20% and 25% in 2016. Due to the recent upheaval, the country is putting itself in the position of exporting staples from countries that suffer from a lack of stage space. Iceland’s tax incentive program stands in stark contrast to that of the UK, Canada, Ireland and Italy, among other countries that attract big products due to their robust tax incentives. Ireland, which offers a discount of up to 37%, and Italy, which offers a repayable loan of up to 40%, are among the countries giving the entertainment industry the biggest boost.
“I would say 35% really puts Iceland at the top of European and international incentives right now,” said Joe Chianez, senior vice president and practice leader for the Los Angeles group that advises companies and dance halls. Creation and structuring of tax incentive programs. “In addition to not having an annual limit, their program opens up the possibility of creating many bigger products.”
One question will be whether Iceland has the film infrastructure to support major productions. Icelandic production company RVK Studios is building two new sets this year, bringing the studio to a total of three scenes.
“Iceland has been investing in infrastructure in recent years, and our resources make the country particularly attractive for big blockbusters,” said Icelandic filmmaker Einar Hansen Thomasson. “Experience is everything when it comes to competing with these larger products, on time and on budget. Our highly skilled teams can handle all needs from site inspection to post-production, and we can support sustainable manufacturing practices through Iceland Renewables.
Chianese says one of the indirect benefits of designing the core product would be to train Iceland’s local team on larger projects.
The main projects run in the country include The Northman, Star Wars: The Force Awakens, Rogue One: A Star Wars Story, Game of Thrones s Sorcerer.
Source: Hollywood Reporter
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