The Israeli finance ministry has announced details of tax breaks for the Israeli film industry. The new regime will also apply to local television and cable companies.
Israeli finance minister, Yuval Steinitz, said in a statement: "Israeli cinema makes a significant contribution to development of Hebrew culture and the cultural life of Israeli society. In recent years, Israeli films have won international awards and have an important presence on the international stage – which also contributes to the world's image of Israel. Therefore, it is important to promote Israeli cinematic quality through tax policy – a step completing a decision we reached earlier this week, the creation of a new fund to produce a source of cinema in conjunction with Israel's television channels."
The tax break follows the announcement last month of a cut in state funding for the Israeli film industry from ILS67m to ILS25m.
A comprehensive report in our Intelligence Report series examining tax-sheltering arrangements for investors, including Venture Capital, Forest Finance and Film Finance in a number of key jurisdictions, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report5.asp .
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