Tax Deductions in Bizkaia: Opportunities for Audiovisual Producers - TAX REBATES SPAIN

[Juanjo Camaleón Rental]

Tax Deductions in Bizkaia: Opportunities for Audiovisual Producers - TAX REBATES SPAIN

Discover how tax deductions in Bizkaia offer a favorable environment for audiovisual producers. Learn about the incentives, requirements, and benefits of Foral Norm 9/2022.

 

Regulations on Tax Deductions in Bizkaia.

In Bizkaia, Spain, the Provincial Councils approved the Foral Norm 9/2022 on November 23, 2022, which updates and expands the tax incentives for the promotion of culture (Official Gazette of Bizkaia, December 2, 2022). This norm came into effect on January 1 of the current year. The aim of this regulation is to provide a more competitive tax treatment for audiovisual productions, including foreign audiovisual productions and new digital formats, and to compete with tax regulations in other regions by increasing the tax incentives for audiovisual productions, which can reach up to 70% of the project expenses. The goal is to promote the interest in producing audiovisual works in Bizkaia, attract individuals and companies related to the sector to produce in the region, with a particular emphasis on audiovisual projects produced in Basque (Euskera). This norm has also been authorized by the European Commission, providing taxpayers with full legal guarantee and certainty. Bizkaia becomes the only territory in Spain with this authorization to provide fiscal incentives for audiovisual works, including foreign productions and new digital formats.

Who does the regulation on tax incentives for the promotion of culture in Bizkaia apply to?

The tax deduction applies to national or foreign audiovisual productions, such as feature films, short films, fiction series, animated works, or documentaries (produced for cinema), television, or new digital formats. Provided they have been qualified as having cultural significance.

More here: https://www.camaleonrental.com/gb/blog/tax-deductions.html