Minimum expenditure required is brought down
In Tenerife, international feature films, series or animation productions can enjoy 40 % tax deduction. To be eligible, animation productions or films post-produced on the Island need only spend a minimum of 200,000 euros, instead of one million euros required up till now, which still applies to the rest of Spain. This major cut is included in Law 8/2018, of 5 November on the modification of the Canary Islands Economic and Tax Regime.
What are the basic requirements for international productions to benefit from the 40% incentive? First of all, the total budget has to amount to two million euros and a local production company to provide production services must be hired. If the film is shot on the island, a minimum of one million euros expenditure is required. However, if it is an animation production or only post-production is carried out on the island, the minimum amount required goes down to 200,000 euros. There is a wide range of eligible expenditure for shoots including all that related to the production of the film, from screenplay, first location scouting to editing and final cut. Lists of eligible expenditure for shoots and for animation are available.
There are plenty of excellent local production companies for this type of projects. Learn about them on the Film Commission’s professional directory. To find out more about tax incentives for film production in Tenerife, please see our film commission’s website.
More info:
+34 647 346362
www.tenerifefilm.com
