Israel has released details of a $ 13 million (NIS 45 million) tax cut initiative earmarked for upcoming film and television productions.
The incentives are supported by the Israeli ministries of finance, culture and sport, economy and industry, foreign affairs and tourism.
Under the slogan “Fund for the promotion of foreign production”, the incentive will offer a discount of up to 30% on upcoming movies and TV shows with a limit of $ 4.8 (16.6 million shekels).
Ministries also offer an additional 10% for post-production and animation.
The event lasts two years, the submission procedure will open from 22 August.
“Israel has joined a prestigious club of countries that provides incentives to international productions to encourage them to come and film their territory,” said Foreign Ministry Director General Alon Oshfiz.
“In recent years, Israel’s status as a film and television content powerhouse has grown and Israel’s history has generated global interest and curiosity.”
The historic discount was first announced last year and voted at the last minute on June 29, before the collapse of the ruling coalition led by Naftali Bennett and Yair Lapid. The five ministries involved had to wait for the formation of the new government before officially launching the initiative.
Israel has been trying to get international productions to shoot there for more than a decade with various incentives and so far with little success.
Security concerns, coupled with local bureaucracy, have prevented international production from exploiting incentives in recent years.
The country hopes that the new streamlined process and Israel’s recent international reputation for producing television series will help reverse this trend.
Source: Deadline
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