Iceland ups tax breaks

New legislation includes establishing film commission

COPENHAGEN — The Icelandic government is revamping its tax incentives to attract foreign filmmakers just eight months after introducing the program.

Under the present system, filmmakers can be refunded the 24% value-added tax and receive back 12% of expenses.

So far only two U.S. productions have benefited — “Lara Croft: Tomb Raider” and “No Such Thing,” which was co-produced by the Icelandic Film Corp.

The government is now mulling how to make filming in Iceland more attractive. New legislation being prepped includes establishing a film commission to promote the existing scheme. No details of extra financial incentives are yet available.

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