[WATCH] Maltese film industry eligible for tax deductions

Tourism minister launches 150% tax deduction scheme to boost investment in local film industry

tim_diacono
Tim Diacono
6 May 2016, 12:07pm
Film Commissioner Engelbert Grech and Tourism Minister Edward Zammit Lewis
Film Commissioner Engelbert Grech and Tourism Minister Edward Zammit Lewis
Maltese film industry eligible for tax deductions
Investors in the local film industry will be eligible to a 150% tax deduction, tourism minister Edward Zammit Lewis said today.

The minister explained that the scheme will be extended to training initiatives.

He also announced another incentive in the form of a grant for local film producers who enter international competitions and festivals.

Acknowledging the industry’s extremely competitive nature, Zammit Lewis said these incentives are aimed at helping Malta-based producers to penetrate the international market.

“It’s a very competitive industry and we’re not getting ahead of ourselves, but we have to start from somewhere,” he told a press conference. “These incentives are the first step in a marathon.”

He said that the film industry fulfils a double function – that of generating money into the economy and of promoting Malta as a tourism destination.

However, he argued that the industry must be more stabilised, rather than one that peaks when a major production is filmed on the island, but drops the rest of the year.

“To that end, we are looking to branch into the TV commercial subsector,” he said.