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New Incentives Supercharge Spain’s Hopes for the Future

Emiliano Granada Amidst a global pandemic that presented governments with a clear ethical dilemma between protecting their citizens’ well-being and the heartbeat of the economy, Spain’s government announced last May a robust hike in tax incentives that converted its tourism-driven economy into eye candy for big shoots and international productions.Now, Spain’s film and TV industries are digesting its consequences: What are the foreseeable effects of the tax spike for locals in the still partially unforeseeable future?Unveiled May 5, Spain’s new incentive rulings raises the cap on investors’ 25%-30% tax credits for Spanish shoots and local-spend rebates for visiting international productions from €3.28 million ($4.0 million) to €10.8.

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