news | 11 October 2018 | ServPRO Accountants & Consultants

Cyprus offers tax incentives for film makers

Cyprus has introduced an incentive scheme for Cypriot and foreign producers whereby companies will be eligiblefor tax allowances and credits to encourage the production of films in Cyprus. The scheme provides incentives, cash rebates and tax credits of up to 35% on qualifying production expenditures and also estimates a further 20%tax allowances for investment in infrastructure and equipment.

Earlier this week, an official from the Ministry of Finance in Cyprus clarified that only companies not private individuals are eligible for the scheme. Those private individuals who wish to be eligible for the scheme should establish a company in order to be able to apply.

The scheme’s committee will be chaired by the Cyprus Investment Promotion Agency (CIPA) and officials from the Cyprus Tourism Organisation (CTO) as well as the Ministry of Finance and Education.

The scheme will be regularly assessed and amended when necessary.

The scheme shall be presented in details this week at the first Cyprus Film Summit which will be taking place in Nicosia between the 9 – 12 October 2018. More than 120 local and international participants are expected including Hollywood and Bollywood producers, producers from Pinewood Studios, UK, production and director companies as well as executive producers from Europe, India, Russia and North America.

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