Damilano, Torino Film Commission: "It’s worth investing in film"
by Camillo De Marco
- Yesterday the president of the Commission met with businessmen. Investing in a film makes you eligible for a tax credit equal to 40% of your investment, and you can make up to 16% of this back in just 6 months
Yesterday Paolo Damilano, who has been the president of the Film Commission Torino Piemonte for two years, met with businessmen in the region to tell them that “investing in film has never been more worthwhile”. Over the past year the Film Commission has seen investments of €4 million, spread over 5 films involving 8 companies, with €3.5 million of this going to Piedmont. Over the past few weeks Turin has been hosting Marco Bellocchio, who is currently filming Fai bei sogni, based on the autobiographical bestseller by Massimo Gramellini, with Valerio Mastandrea playing the part of the journalist. Co-starring in the film is French star Bérénice Bejo, who starred in the Oscar-winning film The Artist [+see also:
interview: Michel Hazanavicius
film profile]. The film is being produced by IBC Movie, Kavac, Rai Cinema and Ad Vitam, with support from the Italian Ministry of Cultural Activities and Heritage, FC Torino Piemonte and Fip. The film has a budget of five million euros, with an estimated three million euros of this going to the Piedmont region.
Damilano explained that investing in a film project makes you eligible for a tax credit equal to 40% of your investment, which can be used to offset tax debts, such as Irpef (personal income tax withholdings), Ires (corporate income tax), Irap (regional income tax) VAT and various other taxes and types of insurance, starting from around two months after the release of the film in theatres, making the remaining 60% back, plus a margin of profit depending on the takings of the film, through a preferential repayment plan. The president of the commission called it “a good deal”, adding: "As has happened to a number of investors, you can make up to 16% in just 6 months with advice from Fip, the revolving fund of the Film Commission".
Nonetheless, many companies find the idea of associating their brand with a film rather strange. “Those who invest in film can benefit from a number of original forms of advertising, from having their logo featured in the opening titles to having the option of organising private previews for their clients, visits to the set and dinners with the artistic cast, and participating in national and international festivals with the film".
(Translated from Italian)