{"id":3193,"date":"2020-06-08T18:04:39","date_gmt":"2020-06-08T17:04:39","guid":{"rendered":"https:\/\/www.webtenerife.co.uk\/blog\/?p=3193"},"modified":"2020-06-08T18:04:43","modified_gmt":"2020-06-08T17:04:43","slug":"tax-incentives-go-up-to-50-for-film-productions-in-tenerife-and-the-canaries","status":"publish","type":"post","link":"https:\/\/www.webtenerife.co.uk\/blog\/2020\/06\/tax-incentives-go-up-to-50-for-film-productions-in-tenerife-and-the-canaries\/","title":{"rendered":"Tax incentives go up to 50 % for film productions in Tenerife and the Canaries"},"content":{"rendered":"\n

This\nmeasure is available to foreign and national productions <\/em><\/p>\n\n\n\n

\"\"
‘Hombres de leche’ (2019) shooting. Produced by Volcano Films<\/figcaption><\/figure>\n\n\n\n

The Spanish Government passed a large\npackage of measures to support the film industry<\/strong> in the wake of the\nsituation caused by COVID-19.<\/p>\n\n\n\n

The measures include an increase of the tax incentives for investing\nin national and foreign film and series, animation, and documentary productions.\nIn the Canary Islands, the incentive now stands at 50% on the first million and\n45% from then on, while <\/strong>in mainland Spain it is 30% on the\nfirst million and 25% from then on. <\/p>\n\n\n\n

The incentive system is the same as ever.\nThat is, foreign productions will enjoy a 50%-45% direct deduction or tax\nrebate<\/em> <\/strong>provided that they hire a company with tax residency in the\nCanaries for production services. The production company must spend at least 1 million\neuros on eligible expenditure that must be directly related to the shoot on the\nIsland. As for post-production or animation services, more than 200,000 euros\nmust be spent. The minimum total budget of any film production must be two\nmillion euros.  <\/strong><\/p>\n\n\n\n

Tenerife has a wide range of real image\nand animation production companies that have proven experience in film\nproductions and in using these tax incentives. <\/p>\n\n\n\n

On the other hand, the 50-45% tax credit\nfor Spanish productions,<\/strong> which now includes short films too, requests the\nproduction company to have its tax residence in the Canary Islands but does not\nrequire a minimum budget or spend. The deduction base is capped at 50% of the\ntotal film budget but it is increased between 85 and 60% for certain films by\nnovel directors, women directors, short films, animation (up to 2.5 million\nbudgets), co-productions, special interest films and other cases. For this type\nof films, provided that they do not exceed intensity level, the Canary Islands\ntax break can reach 54 % tax credit. <\/strong><\/p>\n\n\n\n

The maximum limit of deduction quota in both incentives is <\/strong>10 million euros in mainland Spain. In the Canaries, by virtue of the Tax and Economic Regime (Law\u00a08\/2018, of 5 November and Law 19\/1994, of 6 July) the deduction limit would reach\u00a018 million euros* (80% increase over mainland Spain). *This increase in the deduction quota pending legislative publication. <\/p>\n\n\n\n

You can find more detailed information about these incentives on our website<\/a> or call us at +34 647 346 462 or drop us a line at film@webtenerife.com <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

This measure is available to foreign and national productions The Spanish Government passed a large package of measures to support the film industry in the wake of the situation caused by COVID-19. The measures include an increase of the tax incentives for investing in national and foreign film and series, animation, […]<\/p>\n","protected":false},"author":9,"featured_media":3194,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[423,384,380,349,379,454,232],"class_list":["post-3193","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-miscellanium","tag-animation","tag-audiovisual","tag-canary-islands","tag-film","tag-film-incentives","tag-shooting","tag-tenerife"],"_links":{"self":[{"href":"https:\/\/www.webtenerife.co.uk\/blog\/wp-json\/wp\/v2\/posts\/3193","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.webtenerife.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.webtenerife.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.webtenerife.co.uk\/blog\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/www.webtenerife.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=3193"}],"version-history":[{"count":1,"href":"https:\/\/www.webtenerife.co.uk\/blog\/wp-json\/wp\/v2\/posts\/3193\/revisions"}],"predecessor-version":[{"id":3195,"href":"https:\/\/www.webtenerife.co.uk\/blog\/wp-json\/wp\/v2\/posts\/3193\/revisions\/3195"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.webtenerife.co.uk\/blog\/wp-json\/wp\/v2\/media\/3194"}],"wp:attachment":[{"href":"https:\/\/www.webtenerife.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=3193"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.webtenerife.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=3193"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.webtenerife.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=3193"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}