Films to access Italo, Maltese tax credits
ROME Rome’s Cinecitta Studios and the Malta Film Commission have pacted to allow productions shot in Italy and on the Mediterranean isle to tap tax credits from both countries and other benefits, to attract more high-profile pics, such as Universal’s WWII tentpole “U-571.”
The partnership forged between one of Europe’s largest full-service studios and Malta, a prime Mediterranean production hotspot, also involves a joint venture between film equipment company Panalight and lighting company Nexos Malta, aimed at providing services at a lower cost. More details will be unveiled on Saturday during a Lights on Malta confab on the island.
Italy currently offers international productions a tax incentive of up to 25% of money spent in the country, with a $5 million cap, while Malta provides a cash rebate of up to 22% of eligible expenditure.