Thursday, 3 April 2008

Boost for Italian film finance

Writing in World Media Law Report, Leonardo Paulillo and Augusto Scerrato (Paulillo & Teti, Rome) explain that the Italian government has introduced a new regime of financial incentives for the making of films of Italian origin through its Finance Act 2007, to help address a chronic shortage of capital. The new regime builds on the experiences of Ireland and Spain, establishing two types of incentive that are not so much tax relief or cash incentives but tax shelters.

Article 325 of the Act establishes tax shelters for corporate capital gains and for income tax for natural persons, for investors who are not themselves part of the film business. Article 327 provides a tax shelter for operators of film businesses in relation to film production, distribution and screening entrerprises.

More information on World Media Law Report here.

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