VILNIUS: The Lithuanian parliament has approved an increase in tax incentives from 20 to 30% starting 1 January 2019 as the legislation has been renewed for the next five years.
In the last four years Lithuania received 24.4 m EUR worth of investment from foreign film producers. A total of 68 filmmakers made use of the tax incentive scheme and 23 international films benefited from the scheme, according to the Lithuanian Film Centre.
Lithuania is about to wrap a great year for the film industry with expenditure on film production expected at 27 m EUR, of which more than 5 m EUR from local businesses.
The updated tax incentive is available for fiction films, TV films, documentaries and animated films. At least 80% of eligible film production costs must be incurred in Lithuania and the total amount of eligible spend in Lithuania has to be no less than 43,000 EUR.