To attract investors from the film and television industry, the PSOE and Podemos, a coalition at the head of the Spanish Government, headed by the Prime Minister Pedro Sánchez, is betting on large incentives for the main television platforms. transmission: the maximum limits of the deduction, which had been estimated in 10 million euros per series season produced abroad, may pass, as of January 1, 2023, to “determine by episode”, advances the newspaper El Mundo.
The reform is part of the Bill that establishes a new tax on banks and electricity. In Portugal, the Tourism and Cinema Support Fund, created in 2018, is, so far, 12 million euros per year. The value that serves to support, through tax incentives, national and international productions, came to an end in May of this year.
There will be a new financing model for film and television shoots in Portugal, but only in 2023
Spanish deductions remain fixed at 30% for the first million euros invested and 25% after that first million. A production from 40 million manages to collect a deduction of about 10 million (just over 25%).
If approved, the measure proposed by the government coalition should enter into force before the end of the year, in order to attract large foreign productions —at one point, the newspaper points out, in which other alternatives, such as Bulgaria or Hungary , are becoming more attractive made them less attractive, considering their geographic proximity to the conflict in Ukraine.
It should be remembered that the series “Game of Thrones” and the prequel “House of the Dragon”, both HBO Max productions, were filmed, in part, in this country. This week, Netflix inaugurated the expansion of its sets in Madrid, at the Spain Audiovisual Hub, now the largest in Europe. In 2022 alone, the launch of more than 30 Spanish titles is expected.