Aside from eye-catching architecture or scenic landscape, filming abroad asks for solid reasons. Once you find the top production services in Belgium, wait till you hear about the tax shelter. This country has become more appealing for both national and foreign filmmakers. And for good reason, as you will see.
Tax Shelter And Production Services In Belgium
The tax shelter in Belgium come sunder the form of a government-approved incentive. Its main purpose is to support the production of audiovisual projects in this country. While aiming firstly at national films, the scheme also considers international co-productions. Of course, there are several conditions to meet for that.
The scheme gets private investments mostly, complementing regional tax rebates. Producers get an attractive finance source for their projects. Investors receive a tax exemption, without any risky investments. Plus, the Belgian state has only to win from increased economic activity. Think about an extra 25-30% of the total eligible expenses you do in the EEA. And numbers go higher for Belgian expenses which qualify for financing. The scheme allows for 40-45% finance in such cases. It is no longer a surprise how production services in Belgium are at such high standards.
The government tried to lend a helping hand in the pandemic too. For companies suffering from COVID-19 losses in the past financial year, there is hope. Those expecting to make profits in the future years can apply for a recovery reserve. This allows them to rebuild their levels of equity, by converting profits up to the amount of the loss even. In other words, they get to postpone the tax bill for a further date, until they recover some of the investment.
Extensive production services in Belgium can cover assistance for the tax shelter too. If you feel tempted to do a co-production here, you know the support will not be missing from the scene.
International Productions Taking Advantage Of The Tax Shelter
The more the news about Belgium’s tax shelter spreads, the more cameras turn towards it. Hollywood producers and filmmakers from European countries aim to shoot here. It takes little effort to get top-notch production services in Belgium. Plus, the enticing tax scheme makes filming here sound great.
While the country might be small, it does not stop massive names from finding it a great choice. Steven Spielberg’s adaptation of Tintin (2011) is one such example. Nothing to Declare (2010) was another box-office hit. This Belgian-French co-production has gathered more than $90 million in revenue.
Since the tax shelter was first introduced in 2003, film production has boomed. In 2006, 46 movies hit the big screen, just three years later. The number doubled in 2009, with 87 films produced in Belgium.
Mostly, co-productions with France take advantage of the tax shelter model. My Worst Nightmare (2011) or Les enfants de Timpelbach (2008) are titles that made an impression. As for co-productions with Germany, Joyeux Noël (2005),Goodbye Bafana (2007, or Heute Bin Ich Blond (2013) are on the list.
The recent tax-free recovery reserve can work wonders. Once more filmmakers decide to access it, production in Belgium will boom, no doubt.