17/06/2022
Iceland raises re-imbursement to 35%
Now Iceland offers reimbursement of up to 35% of the costs incurred during the production of films and television programs in Iceland. Based on a special legislation, the reimbursement scheme is simple, transparent, and effective.
Production costs refer to all costs incurred in Iceland deductible from the revenues of enterprises pursuant to the provisions of the Act on Income Tax.
All productions for feature films, TV shows and documentaries in Iceland are eligible for a 25% refund, no matter the total cost of the project but to receive 35% a production must fulfil three requirements:
1. Production costs incurred in the production of the motion picture or television material concerned in this country must be a minimum of ISK 350 million.
2. The project in question must have a minimum of 30 working days in Iceland, either consisting of actual film production (shooting) days or defined post-production working days. Of the 30 working days, a minimum of 10 shooting days in Iceland is however always required.
3. The number of staff working directly on the project shall be 50 at a minimum and this work shall amount to 50 working days. It is a requirement that both salary and payments to employees and contractors, shall be taxed in Iceland.
Sagafilm has a long-time experience in servicing foreign shoots in Iceland besides its own drama productions over the year. Furthermore, Sagafilm operates a Postproduction facility which qualifies as a part of manpower provided for the services.
Sagafilm is the oldest running production company in Iceland and has serviced production for major studios and titles like James Bond, Interstellar, Star-Trek, Batman and numerous more. We welcome your inquiries into these new opportunities that come along with 35% re-imbursement in Iceland. We know how!
Please contact Beggi(a)sagafilm.is or send inquires to Sagafilm(a)Sagafilm.is
