Prod’n companies Invest in Iceland

New laws allow 12% rebate

CANNES — Iceland’s best known director, Fridrik Thor Fridriksson, could be in for a bit of film director company. The Invest in Iceland agency says it has had a large response to a new initiative designed to draw more productions to the country.

“Tomb Raider” and Hal Hartley’s “No Sure Thing” have both taken advantage of new laws introduced by the Icelandic government, which have made filming in Iceland even more attractive.

Previously, production companies were eligible for a rebate on film production monies spent in Iceland only when more than 80% of the total production budget was spent in Iceland.

But new laws specify that a 12% rebate is now available when any amount of the production cost is spent in Iceland. In addition, when 80% of the total production costs are spent in Iceland, any money above that spent in the European Economic Zone (E.U., Iceland, Norway and Lichtenstein), is also eligible for the 12% rebate.

Iceland also offers companies the opportunity to set up an international trading company for distribution. If the company complies with the complicated laws, it would then be up for only 5% tax.

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