Belgium Expands Tax Shelter Scheme
The tax program, which helped finance features including “Grace of Monaco” and Martin Scorcese's upcoming “Silence” will be extended to non-European features.
Belgium has revised and expanded its popular tax shelter scheme, allowing non-European productions to take advantage of its 40 percent incentive.
Under the new regulations, territories that have a bilateral agreement with Belgium – such as China or Canada – can also utilize the Belgium scheme, which grants a tax break of 40 percent on total Belgium spend for a project.
The new law must still be approved by Belgium council of state and parliament as well as the European commission. It is expected to come into force next year.
The current scheme has proved popular with international co-productions, which such features as DreamWorks’ Wikileaks drama The Fifth Estate starring Benedict Cumberbatch and Daniel Bruhl; Olivier Dahan’s Cannes Festival opener Grace Of Monaco starring Nicole Kidman; and Martin Scorsese's upcoming period drama Silence starring Liam Neeson and Andrew Garfield all taking advantage of the Belgium tax shelter to secure financing.