Israel has unveiled details of its US$13 million (45 million Israeli Shekels) tax rebate initiative aimed at incoming film and television productions. The “Fund for the Promotion of Foreign Productions” incentive will offer a rebate of up 30% to incoming projects up to a cap of US$4.8 (16.6 million Israeli Shekels) and a further 10% on top for post-production and animation.
The financial aid will be given by the local ministries to strengthen Israeli production companies operating in cooperation with foreign production companies in the country. The aid will be granted through a special grant track of the investments and development authority for industry and the economy at the ministry of economy and industry.
“Israel has joined a prestigious club of countries that provide incentives to international productions to encourage them to come and film on their territory,” declared Alon Oshfiz, Foreign Affairs Ministry Director General. “In recent years, Israel’s status as a television and film content power has risen and the Israeli story has generated global interest and curiosity,” he added.
The landmark rebate was first announced last year and voted in on at the eleventh hour at the end of June 29, ahead of the collapse of the coalition government led by Naftali Bennett and Yair Lapid. The five ministries involved had to wait for the formation of a new government before officially launching the initiative, Deadline reported.
Israeli has been attempting to entice international productions to shoot there for more than a decade with different types of incentives but limited success to date. Security concerns combined with local bureaucracy have discouraged international productions from tapping into the incentives in recent years.
