CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. PwC Makes Case For Romanian Film Tax Incentives

PwC Makes Case For Romanian Film Tax Incentives

by Ulrika Lomas, Tax-News.com, Brussels

22 July 2016


Romania could see a five-fold increase in movie productions if it introduced targeted tax incentives, says PwC.

Romania is one of the few countries in the European Union that does not provide some form of state support for the audiovisual industry. In a new study, PwC argued that the "quite spectacular" results of incentive schemes in other EU countries shows that there is a strong case for similar tax breaks to be introduced in Romania.

"Romania has indisputable strengths in this sector (very talented film-makers, extremely diverse and appealing shooting locations etc., the positive image the Romanian cinema enjoys abroad as a result of the movies awarded in the last years), but without financial and tax instruments to support an attract international movie productions, all this potential remains untapped," said Mihaela Mitroi.

PwC Romania has proposed a system of tax incentives similar to those in place in other Central and Eastern European countries, whereby 25 percent of total eligible costs would be refunded to producers, and 50 percent of the income tax paid in Romania by qualifying non-resident investors would be reimbursed.

PwC's study estimates that the introduction of such a scheme would lead to the creation of 4,000 new jobs and boost the economy of Romania by EUR850m to EUR974m annually as a result of the multiplier effect of increased investment by producers, including increased tourism, and higher spending on the goods and services consumed by the film industry.

The study concluded that tax and other incentives have led to 500 percent growth in the audiovisual sector in Hungary since 2003, and 300 percent growth in the industry in the Czech Republic since 2010.

TAGS: Central and Eastern Europe | tax | Hungary | tax incentives | Romania | Czech Republic | tax breaks | services | Europe

To see today's news, click here.

Leave a comment

Read our Posting Guidelines

 






Close

Password Reminder

Please enter your email address to receive a password reminder.

 

Log into Tax-News+
Not registered yet? Find out about our daily news alert service »

 Email: 
 Password: 

Login »

Forgotten your password?







Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Tax-News+ Updates

Receive FREE daily updates from Tax-News.com, straight to your inbox. Register Now!

For a tailored solution, choose to receive selected news updates for your preferred jurisdictions and topics, with our enhanced Tax-News+ subscriber service. Read more...

 

Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »