MADRID — Six days before producers will be allowed to restart production shoots in Spain, Pedro Sánchez’s PSOE socialist government has powered up the tax breaks cap for Hollywood and other foreign shoots as part of a relief package for Spain’s cultural industries.
Plowed through a Spanish-tax-paying service company working on a foreign nationality shoot, the cap for the total tax rebate on one shoot, previously set at €3 million ($3.3 million), has now been raised, crucially, to €10 million ($10.9 million).
The rebate rate has also edged up five percentage points from 25% to 30% for the first €1 million of local spend by a foreign shoot, and 25% (from a prior 20%) thereafter.
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