Magazine article Variety

Spain

Magazine article Variety

Spain

Article excerpt

With state film subsidies being scaled back in Spain, tax breaks look like a keystone of a future, more marketdriven, film financing system.

Uncertainty about the longterm future of local film subsidies has increased from early April when, as part of Spain's general austerity measures, the new conservative government slashed the 2012 budget of country's main FUm Protection Fund by 36% to euro49 million ($63.7 million).

If approved by Spain's tax authorities and European Commission, the government will hike film tax breaks from a current 18% to around 20%-25%, whue easing their use, says Susana de la Sierra, director general of Spain's ICAA Film Institute.

"Some producers argue the most important aspect of Spain's film tax break system are legal guarantees that fihn investors can access tax breaks, regardless of the percentage of their breaks.

The Canary Islands' singular fiscal plan offers a 38% tax breaks, the most advantageous in Spain.

"Clash of the Titans" and "Wrath of the Titans," from Warner Bros, and Legendary Pictures, both shot partially there. The sequel was coproduced by Tenerife-based tax vehicle Furia de Titanes ? …

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