San Sebastian – Basque Government is advancing on plans to open up its advantageous tax regime to international productions, its culture authorities confirmed Saturday at the San Sebastian Festival.
Coming as, for the first time ever, a Basque-language movie, “Loreak” (Flowers) plays in the main competition at the San Sebastian Festival, the highest-profile event in the Spanish-speaking world, the confirmation forms part of a larger push to encourage private sector finance to enter the Basque film industry and to internationalize its structures, without abandoning direct subsidies, Joxean Muñoz Otaegi, the Basque deputy councillor for Culture, Youth and Sports, told Variety.
Currently, the Basque Government offers 30% tax breaks to its local industry. Spanish mainland tax breaks for the film industry run at 18%.
Channelled through a Agrupacion de Interés Económico (Aie) tax scheme, these have just been used for the first time ever via an Aie on Luis Marias’ “Fuego,” said Basque Treasury...
Coming as, for the first time ever, a Basque-language movie, “Loreak” (Flowers) plays in the main competition at the San Sebastian Festival, the highest-profile event in the Spanish-speaking world, the confirmation forms part of a larger push to encourage private sector finance to enter the Basque film industry and to internationalize its structures, without abandoning direct subsidies, Joxean Muñoz Otaegi, the Basque deputy councillor for Culture, Youth and Sports, told Variety.
Currently, the Basque Government offers 30% tax breaks to its local industry. Spanish mainland tax breaks for the film industry run at 18%.
Channelled through a Agrupacion de Interés Económico (Aie) tax scheme, these have just been used for the first time ever via an Aie on Luis Marias’ “Fuego,” said Basque Treasury...
- 9/21/2014
- by John Hopewell
- Variety - Film News
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