Portugal Seeks to Boost Film Production With Tax Incentives
The proposed incentives should be approved with the 2016 budget next week.
Portugal is looking to boost film production by including a new tax incentive in this year's state budget to be approved next week.
The proposed incentive, a refundable tax credit, was included in the budget drafted last week and is scheduled to be developed following the budget’s approval. No further details have been announced.
“This is a long-awaited development, after many requests, both from national professionals and from the international filmmaking community, and should allow Portugal to improve its position in the global film locations market,” according to Joao Soares, the country’s minister of culture.
Portugal has watched as neighboring Spain has snagged lucrative foreign shoots thanks to its own recently passed film law.
Portuguese Film Institute president Filomena Serra Pereira said she hopes to launch the first call for projects later this year.
Portuguese representatives will be in Berlin next week to promote the upcoming incentives at the European Film Market.