At the EFM 2014, the Lithuanian Film Centre launches the long awaited tax incentives for film production that offer a reduction of up to 20% of spending incurred in Lithuania.
“Even though the incentives came into force only at the beginning of the year, we have already received a number of inquiries,” Rolandas Kvietkauskas, the Head of the Lithuanian Film Centre, said. “We have already received the first application for national production and hope to receive the first applications for foreign productions after the EFM. I am sure Lithuania will soon become one of the most wanted destinations for film production in the region”.
Kvietkauskas added that the tax incentive is the last missing piece in Lithuania’s international proposal which includes professional crews speaking foreign languages, great unique locations, sites that can double for other settings, as well as strong technical departments and high quality services.
The structure of the new tax incentive involves a producer who is able to reduce the production budget, a local investor who supports film production and is able to reduce its local corporate income tax, and the Lithuanian Film Centre that administers the scheme.
The incentive is applicable to the spending incurred in Lithuania, the minimum of which is fixed at €43,443.
The LFC together with Lithuanian producers and service providers offer daily advice on the tax incentives at their Stand 112 in Marriot or at www.lkc.lt/en.