Colombia. With the tax benefits offered by the Law for the Promotion of the Film Industry, promulgated this week by the Government of Colombia, it is expected to promote the development of audiovisual projects in the coffee country, as well as generate about 4,000 jobs and businesses for US $ 200 million in the coming years.
The text of the law establishes, as the main stimulus to achieve the filming of films in Colombia, that the State will reimburse 40% of the value of the expenditure that producers make in the contracting of national pre-production, production and post-production services and 20% of the expenditure on hotels, food and transport.
To guarantee the above, the Ministry of Culture has an initial budget of 25 billion pesos. However, both foreign and local companies will be able to access this benefit, as long as they comply with the requirements established by law, including a minimum investment figure of US $ 500,000.
Faced with the implications that this initiative will have for the sector, the Minister of Culture, Mariana Garcés, indicated that "the new Law will benefit the entire Colombian film sector, both producers and those who offer services in production and post-production. The contact with technical and artistic personnel of international stature will benefit not only the companies but the Colombian technical and artistic staff, which will become better and more competitive internationally".
To learn about the true impact of the law for Colombian producers, TV y Video conducted an interview on the subject with an expert from the industry. Read it here.
