John Hopewell Chief International Correspondent Money talks. On Jan.1, Bizkaia, the Basque Country province, introduced new tax breaks with one of – if not the – highest deduction rate in the world: up to 70%.
No other rate registered in Olswang-SPI’s Global Incentives Index 2023 reaches such heights. Also on Jan. 1, mainland Spain raised rebate caps on TV dramas to €10 million ($10.9 million) per episode, which climbs to €18 million ($19.6 million) per episode in the Canary Islands.
Very few territories in the world can hold a candle to this relief. Introduced in 2015, and raised in 2016 and 2020, Spain’s mainland rates come in at 30% for a first €1 million spend, 25% afterwards.
Even so, tax break deductions for film, TV and live entertainment for the whole of Spain rose from €19.5 million ($21.3 million) in 2019 to an estimated €153 million ($166.8 million) for 2022, Natalia Jaquotot Garre, a deputy director general at Spain’s Treasury, said at a Spain AVS Hub panel in March’s Málaga Festival.
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