Ukraine Eyes Tax Credit for Foreign Film

July 22, 2015 Taxation in Ukraine

KIEV – The government of Ukraine is taking several fiscal measures to try and boost the national film industry.

The government of Ukraine may soon implement a tax incentives to draw filmmakers into the country, according to the head of the national state cinema agency Filipp Ilyenko.

The tax incentive will come in the form of tax rebate which will be granted to foreign productions filmed in the country.

The films will first need to meet several requirements, including spending thresholds and a cultural test to determine if the production holds any cultural value to Ukraine.

Priority will be given to productions where local firms a major co-production partner, but consideration will also be given to projects where local firms are a minority stakeholder.

No deadline was provided for the introduction of the credit, but Filipp Ilyenko claimed that all efforts will be made to implement the measure soon, as “…the more time is spent on discussions, the fewer Ukrainian films will be made.”

The latest tax credit is not the only measure recently announced by the government to boost the local film industry, as the government will now allocate 0.1 percent of the national budget to local film production.

Photo By: shrtstck | icnt.mx

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