New tax credit law will be retroactive
At the recent Cannes Film Festival, numerous local and international producers participated in the workshop on the new Italian tax credit law organised by ANICA (which is also now offering information online).
During meetings held at the Italian Pavilion, the Director General for Cinema, Gaetano Blandini, explained that the tax credit and tax shelter measures for production and line production will soon be enacted. "The new news is that it will be retroactive, back to June 1, 2008".
"Our industry is dominated by two big companies, Medusa Film and Rai Cinema, and state funding,” said Domenico Procacci of Fandango. "Today, public funding is more and more limited and, in a sense, Medusa and RAI Cinema have also absorbed shares of public monies. At this point, if the tax credit and tax shelter will serve to expand the market and attract new financiers for films, then they will be two very important tools. If, instead, they will in some way be ‘absorbed’ by Medusa and RAI Cinema, then they won’t be useful".
This concern was rebutted by Paolo Del Brocco, RAI Cinema CEO. "Now that this measure has been introduced we’re studying an operative model that to take it into account. I do not foresee any reduction of financing,” he said.
Meanwhile, Secretary General of the Lazio Region Francesco Gesualdi said, "In the coming months we will organise a series of events to explain the benefits of this tax relief for companies. We are further studying measures to grant access to tax credit to those projects that will be presented to and positively evaluated by us".
(Translated from Italian)
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