By M&C News Oct 10, 2006, 13:44 GMT
LOSA ANGELES, CA (M&C) -- Germany will institute a new tax scheme to attract film shoots to its shores and shore up its film industry.
Bend Neumann, Germany’s state secretary for culture, unveiled details of the government’s new tax scheme which will be administered by the FFA, Germany’s national subsidy board..
Over the course of the next three years, an annual $75 million will be made available for the production of feature films, documentaries and animated features. The government will reimburse 16-20% of the German spend, which has to amount to at least 25% of the overall budget.
Only projects with a budget of at least $1.2 million are eligible. The selections will have to pass a cultural test in order to be eligible.
"Following intense discussions with the film industry, this model is an excellent result, which will make German producers as well as the film production service industry more competitive internationally. It will give Germany as a film location a huge boost," Neumann said.
The objective of the new scheme is to attract productions to Germany and encourage international co-productions that are of substantial benefit to the German film industry.
Scheme must be ratified by the European Union before its January 1 kick off date.
Copyright 2006 by Monsters and Critics
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