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Ukraine Announces Tax Breaks For Film Finance

Tuesday, February 23, 2010

Ukraine’s parliament, the Verkhovna Rada, has approved tax incentives for the production of films in Ukraine, available for six years.

According to a statement from the government, a value-added tax (VAT) exemption is to be in force until January 1, 2016, for the production of national films, and the purchase of goods and services necessary for such films. The VAT exemption will also apply to the screening of national films and foreign films dubbed in the Ukrainian.

In additional, national film producers will be exempt from paying tax on land purchased for films’ production, and a fund will be created for national cinematography development, which will provide funding and subsidies to those looking to invest in the sector. Crucially, the law also exempts sponsors, who allocate money for the production of national films, from taxes on the deposited amount.