Spain Promotes New ‘Up-To-70%’ Tax Incentive For Foreign And National Productions

Spain has introduced a new tax incentive that could give foreign or national film or TV productions an up-to-70% tax incentive off of their production spend within the Basque province of Bizkaia. In addition, the incentive currently has no cap at all, immediately making it a world-leading scheme.

For producers, the number is always great to see but whether that rebate will come back to the production accounts in a timely manner – if at all – is another matter. Something it seems the region has also thought of. The new credit has received approval from the EU authorities giving it another level of security, and it has been fully backed by the Bizkaia government which deals with its tax collection internally.

The record tax break comes as filming in Spain has dramatically increased. House of the Dragon has returned to shoot in the country as San Juan de Gaztelugatxe continues to double for Dragonstone as it did in Game of Thrones. Outside of the high-budget series, numerous other productions have come to film in the Southern European nation.

Source: Forbes