variety.com
03.07.2023 / 18:11
Spain’s Shoot Scene Sees Incentives Effect as Ever Greater Demands Are Made on Film Commissions
John Hopewell Chief International Correspondent Money talks. On Jan.1, Bizkaia, the Basque Country province, introduced new tax breaks with one of – if not the – highest deduction rate in the world: up to 70%. No other rate registered in Olswang-SPI’s Global Incentives Index 2023 reaches such heights. Also on Jan. 1, mainland Spain raised rebate caps on TV dramas to €10 million ($10.9 million) per episode, which climbs to €18 million ($19.6 million) per episode in the Canary Islands. Very few territories in the world can hold a candle to this relief. Introduced in 2015, and raised in 2016 and 2020, Spain’s mainland rates come in at 30% for a first €1 million spend, 25% afterwards. Even so, tax break deductions for film, TV and live entertainment for the whole of Spain rose from €19.5 million ($21.3 million) in 2019 to an estimated €153 million ($166.8 million) for 2022, Natalia Jaquotot Garre, a deputy director general at Spain’s Treasury, said at a Spain AVS Hub panel in March’s Málaga Festival.