Greek Government Delays Reopening of 40% Tax Rebate for International Film and TV Productions

Update: January 2025 Reopening Confirmed, but Details Unclear

The Greek government has announced a further delay in reopening the country’s popular 40% tax rebate for international film and TV productions, with a new target reopening date of January 2025. The rebate has been closed for new applications since May 1 and was expected to reopen on October 1.

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Leonidas Christopoulos, CEO of the Hellenic Film and Audiovisual Centre – Creative Greece (HFAC-Creative Greece), has assured international film and TV productions hoping to shoot in Greece this year that they will still be able to access the rebate. The productions include Sebastien Chondrokostas’ Poland-Greek coproduction “Longing”, Anonymous Content’s Biblical horror “The Carpenter’s Son” starring Nicolas Cage, Amazon MGM series “House Of David”, and Amazon Prime Video series “Malice”, starring David Duchovny and Carice van Houten.

Christopoulos confirmed that the rebate would reopen in January but was unable to provide details on how producers will be able to claim the rebate if they start shooting before then.

Funding Backlog and Budget Concerns

The Greek government is working to clear a funding backlog and receive a fresh budget to ensure the sustainability of the rebate programme. Christopoulos stated that the three pertinent ministries (culture, national economy and finance, and digital governance) are currently intensifying their efforts to secure the funds necessary for supporting the audiovisual industry.

HFAC-Creative Greece

HFAC-Creative Greece was created in April through the merger of the Greek Film Centre (GFC) and Ekome, the agency that ran the parallel cash rebate and tax relief schemes to attract international productions to Greece. The incentive has proved very successful, attracting a total of 211 projects, including Ruben Ostlund’s “Triangle Of Sadness” and Maggie Gyllenhaal’s “The Lost Daughter” for Netflix. According to HFAC-Creative Greece, the rebate has paid out a total of €130m since 2019, almost €50m of that in 2023.

Industry Reaction

The Greek film industry has reacted with frustration to the further delay in government funding for both the 40% rebate and the €3m in selective support for local producers. Producers’ association ESPEK has called on the culture ministry to undertake urgent initiatives to overturn the negative situation, warning that otherwise, the ministry will be held accountable for the dwindling of local film production and the serious negative impact on the cultural profile of the country.

Conclusion

The Greek government’s decision to delay the reopening of the 40% tax rebate for international film and TV productions has caused uncertainty and frustration among industry professionals. While the January 2025 reopening date has been confirmed, the details of how producers will be able to claim the rebate remain unclear. The Greek film industry is eagerly awaiting further developments and hoping for a swift resolution to the funding backlog and budget concerns.

FAQs

* What is the current status of the 40% tax rebate for international film and TV productions in Greece?
+ The rebate has been closed for new applications since May 1 and is expected to reopen in January 2025.
* Will international film and TV productions still be able to access the rebate?
+ Yes, Leonidas Christopoulos, CEO of HFAC-Creative Greece, has assured international film and TV productions that they will still be able to access the rebate.
* What are the reasons for the delay in reopening the rebate?
+ The Greek government is working to clear a funding backlog and receive a fresh budget to ensure the sustainability of the rebate programme.
* What is the total amount paid out by the rebate since 2019?
+ According to HFAC-Creative Greece, the rebate has paid out a total of €130m since 2019, almost €50m of that in 2023.