22/06/2005

Already energized by the creation of the Film Law voted in December 2003, the Hungarian Film industry has just been offered new financial incentives by the Minister of Culture. In fact, the Hungarian Development Bank will create special loans in favour of investments in production and distribution. On the condition that the project is passed by the National Film Office, small and medium-sized companies can take out loans at an interest rate of 6 % for a maximum amount of 4 million dollars over 15 years. Also, the bank will demand a participation of 15 % against the usual 25 %. Worth noting, too, that no limit has been put on the total loan amount for the industry, loans which fall within the overall framework of the Loan Program for a Successful Hungary which has a budget of 1,25 billion euros.

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For its part, the Motion Picture Coordination Council, which coordinates the share-out of film finances set by the Film Law, published its results for the first quarter of 2005. The Council authorized six features which can benefit from a 20 % tax deduction on their Hungarian spend: Joy Division (produced by Magyar Filmkapcsolat), Velvet Side of Hell (Eurofilm), Copying Beethoven (Eurofilm), The Day of Wrath (Laurinfilm in co-production with the British IMS 5 and Spanish Taznia Media), Taxidermia [+see also:
trailer
film profile] by György Pálfi , Az érsek látogatása (co-production between Hungary, Romania and Italy) and the remake of the Hungarian classic Egy szoknya, egy nadrág (produced by Európa 2000).

(Translated from French)