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INDUSTRY Italy

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Italy bolsters the Tax Credit by €25 million with the Stability Law

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- Minister of Culture Dario Franceschini has presented the main measures included in the text passed yesterday by the Council of Ministers and sent to the European Commission

Italy bolsters the Tax Credit by €25 million with the Stability Law
Minister of Culture Dario Franceschini

“After years of cuts, cultural resources are now on the rise thanks to new funds.” This is how the Minister of Cultural Heritage and Activities and Tourism, Dario Franceschini, presented the main measures included in the text of the Stability Law passed yesterday by the Council of Ministers and sent to the European Commission.

The Ministry for Cultural Heritage and Activities and Tourism’s budget will increase by 8% in 2016 and by 10% in 2017. “The Tax Credits will be strengthened in support of the film and audiovisual sector, thus improving the application procedures and bolstering the available resources. The funding for the Tax Credits is being increased by €25 million – it is jumping from €115 million in 2015 to €140 million in 2016, a rise of 21%. Thanks to this move, a tax mechanism that is creating a huge rise in international productions in Italy is being strengthened,” Franceschini explained. However, there is no increase planned for the Fondo unico per lo spettacolo (Combined Performance Fund), which remains at the same resource levels as last year.

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There have been positive comments about the increase in tax incentives from ANICA, which is now calling for a Framework Law for the Audiovisual Sector.

(Translated from Italian)

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