Portugal to offer a brand new system of film incentives
The Portuguese authorities have announced plans to introduce the country’s first formal film incentives programme. The 2016 state budget has permitted the implementation of an incentives system that will cater to productions that incur a minimum eligible expenditure of EUR1 million.
The tax incentive was the missing pillar of our film policy… it will offer new business opportunities for Portuguese film professionals.
Filomena Serras Pereira, President of the Portuguese Film Agency
The programme will offer incentives in the form of a yet to be determined amount of tax credits, and will apply to both regional and international productions. It is also expected to be implemented as early as March 2016 due to the scheme being backed by the Portuguese Prime Minister, Antonio Costa.
Joao Soares, Portugal’s Minister of Culture explains: “this is a long-awaited development, after many requests, both from national professionals and from the international filmmaking community, and should allow Portugal to improve its position in the global film locations market.”
Filomena Serras Pereira, President of the Portuguese Film Agency adds: “the tax incentive was the missing pillar of our film policy… it will offer new business opportunities for Portuguese film professionals, through coproduction or line production, and will also help promote the country.”
Portugal’s film industry has suffered without incentives and has previously lost work to neighbouring countries. Filming on location in Spain provides access to 15% back in tax credits, increasing to a highly competitive 35% for shooting in the Canary Islands.
The incentives scheme should encourage more productions to film in Portugal, joining a list of previous projects which include Amazon’s yet to be titled car show starring Jeremy Clarkson, Richard Hammond and James May.
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