Spain’s large sprouted industry is pedaling the metal by encouraging improvements in tax breaks for international production.
These measures, aimed at making Spain more attractive for large-budget projects, will help see the sector out of the COVID-19 crisis.
Approved on May 5, the new measures increase the tax deduction rate for international shoots from 25% to 30% for the first েনে 1 million ($ 1.1 million) spent in Spain, and the total tax deduction for one figure could reach লার 10.8 million, which is 3.28 million. Increased from the dollar.
It remains to be seen whether the Canary Islands will continue to offer tax breaks above 20 percentage points for mainland Spain.
Navarre currently offers a 35% corporate tax rebate for Navarre-based companies and a 30% tax shelter for Basque Country Spanish film / TV productions.
The issue of increased incentives received a sigh of relief from Spain’s manufacturing services industry
Adrian Gera of Nostromo Pictures, president of Spain’s International Shoot Sector Trade Association Profilm, said: “Improving tax-exempt conditions will keep Spain competitive as a destination for international positions.”
Spain has gained greater global visibility since filming “Game of Thrones” there from 2014-15-18, with a strong track record of serving international titles.
The international reach of Spanish art has gained a new momentum in recent times through local TV dramatic seriousness, led by the Netflix global hit series “Money Hist” and “Elite”.
Last year Netflix opened the first European production center at the Sequoia studio in the village of Tres Cantos, near Madrid, and Spanish infrastructure continues to evolve.
Built – literally – around Sequoia Studios, Madrid Content City construction, scheduled to be completed by September 2021, includes 10 soundstages and aims to respond to the huge demand of the streaming age for production facilities.
More muscular tax breaks will allow production to run across Spain, as the big shoots are likely to be the number of countries that will contract to reduce Cavid-19 exposure.
The Covid-19 crisis halted the Spanish shooting of “Crown,” which the rest of the Pyrenees planned to shoot in part 4 of Barrett; The Netflix sci-fi series “Starting from the Winter”; The “wheel of time” on Amazon Studios and Sony Pictures TVs; And Skydance TV and Apple TV Plus series “Foundation”
Among the highly influenced Spanish projects is the “official competition” of the influential MediaPro studio starring Penelope Cruz and Antonio Banderas, who stopped shooting in Madrid in March.
Service companies are keen to adapt to the future and get back into business.
Location lensing probably won’t be greenlit until August.
“We are ready to shoot with a full guarantee, production teams from their country have integrated their shoot protocols with us to bring them,” said Dennis Pedregosa, CEO of service provider Babikar. “During our imprisonment, we did not stop accepting international offers for films in Spain. I am very optimistic about the sudden increase in international shoots as the border opens. “
Indeed, Spain’s highest profile companies are rapidly returning to the expectation of growth behind the drama series revolution.
In April, the former HBO VP of Sequoia Global Licensing and Retail and USS Ambassador to Spain, used its content production force as president of Sequoia Studios and announced that it would open an office in Los Angeles. Castos helped secure a Spanish shoot for “Game of Thrones”.
“The addition of James Castos to our organization will help make our North American producers aware of what is being offered in the sector in Spain, an issue that we are now in the global spotlight on,” said Raul Bardons, president of Grupo Sequoia. “In the coming years, Costos will be a key part of Spain’s film-TV sector development and our fulfillment bridge.
North American industry demand. “