To attract investors from the film and television industry, PSOE and Podemos, a coalition led by the Spanish government led by Prime Minister Pedro Sanchez, are betting on big incentives for major platforms streaming: maximum limits for deduction that have been assessed in 10 million euros per season of the series foreign production, can be transferred from January 1, 2023. be “determined by episode,” the newspaper El Mundo promotes.
The amendment is part of a bill establishing a new tax on banks and electricity. In Portugal, the Tourism and Cinema Support Fund, created in 2018, is currently worth 12 million euros per year. The value, which serves to support domestic and international production through tax incentives, came to an end in May this year.
Portugal will have a new financing model for film and TV productions, but only in 2023.
The Spanish contribution remains fixed at 30% for the first million euros invested and 25% after that first million. Production of 40 million and above allows you to collect a deduction of about 10 million (a little over 25%).
If approved, the measure, proposed by the government coalition, should go into effect before the end of the year to attract large foreign productions – at a time, the newspaper notes, when other alternatives, such as Bulgaria or Hungary, are becoming less attractive, given their geographical proximity. to the conflict in Ukraine.
It should be remembered that the HBO Max series Game of Thrones and the prequel House of the Dragon were partly filmed in this country. This week, Netflix opened an extension of its sets in Madrid, at the Spanish Audiovisual Center, now the largest in Europe. More than 30 Spanish games are planned to be released in 2022 alone.