Iceland seeks cold, hard cash

Gov't offers reimbursement for film, TV prod'n costs

CANNES — Best known for being the birth place of singer-actress Bjork, Iceland is making a bid to put itself on the international film production map.

The country’s government is offering a new incentive, via the Invest in Iceland Agency, to draw productions to Iceland through a reimbursement scheme that would give back 12% of film and television production costs incurred in Iceland.

Hal Hartley has become the first director to take advantage of the scheme with his latest film, “No Such Thing,” screening in Un Certain Regard.

Deal is available only for films spending at least 80% of their production costs in Iceland. Final calculations are tied in with the amount of the budget spent within the European Economic Area, which includes Iceland, Norway and Lichtenstein.

Companies that qualify as establishing an international trading company also would be liable for only 5% income tax.

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