Iceland launches 25% tax credit for Music Recording
A new 25% refundable tax credit builds on Iceland’s reputation for film scoring, talent and studio facilities. Reimbursements are offered for recording costs for music incurred in Iceland and complements the existing 25% credit for film production.
The incentive builds upon the reputation of Iceland’s film composers that include a number of academy award and golden globe winning composers. Those that have made an impact internationally include Jóhann Jóhannsson (Sicario, Arrival) Ólafur Arnalds (The Hunger Games, Broadchurch), Hildur Guðnadóttir (Joker, Chernobyl), Atli Örvarsson (The Hitman’s Bodyguard, Rams)and Hilmar Örn Hilmarsson (In the Woods, Restraint).
A number of studio facilities can be found in Reykjavik as well as more rural areas of Iceland and experienced in-house producers have experience of working with international talent. In addition, a local talent pool of musicians, arrangers are available. The 25% reimbursement covers hourly rates for recording, wage expenses incurred during the recording for hire performers, producers, engineers or studio personnel, post-production including sound mixing and mastering, travel and transport costs for musical instruments and lead performers, including accommodation and salary of the applicant producer.
Iceland is already a popular destination for filming due to its epic landscapes and simple 25% incentive, recently featured in Star Trek: Discovery (pictured below), Justice League and the Fate of the Furious. Like the Music Recording incentive, the filming incentive is handled by the State Treasury has a reputation for its simplicity and ease of use.
On 3rd December, 9:30AM-11AM PT an online webinar aimed at industry professionals, decision makers, composers, musicians, record labels and music supervisors will introduce the new benefit with first hand information from composers and songwriters about living and recording in Iceland. You can view the agenda and sign up here.
At FOCUS, Filming In Iceland – FOCUS (tlgfocus.com) Everything you need to know about how these initiatives work and what Iceland has to offer in terms of infrastructure for filming and recording film scores.
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