New Israeli Tax incentive
In an attempt to promote Israeli culture and image abroad, Israel’s Finance Ministry has announced tax breaks for investors in local film productions.
With the new taxation system, which also applies to commercial television and cable companies, production expenses would be deducted from taxable revenues.
Productions shot abroad will also be covered if 15% of the budget is spent in Israel.
Finance Minister Yuval Steinitz said in a statement: “In recent years, Israeli films have won international awards and have an important presence on the international stage-which also contributes to the world’s image of Israel”.
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