Industries & Festivals — April 22, 2013 at 11:53 pm

Lithuania may approve tax incentives for film productions

lithuania-flagIn Lithuania, the amendment to the law on corporate tax, which could increase foreign productions in the region, has been approved by the country’s ministry of finance.

The parliament is expected to ratify the proposed changes, which offer tax relief to companies that wish to invest money into local film production, MovieScopemag reports.

Head of the Lithuanian Film Centre, Rolandas Kvietkauskas said that while the Lithuanian film industry offers a wide range of locations, good quality services and highly qualified staff, the country struggles to attract foreign investors.

The reason for that, according to Kvietkauskas is that the country does not offer the possibility to offset investment in film productions against tax.

He said that the amendments were vital if Lithuania wished to remain competitive in the region as a destination for foreign film production.

The announcement was welcomed by the Vilnius Film Office, which said that the long-awaited decision would ensure Lithuania remains a competitive presence in international film production.

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