by Ulrika Lomas, Tax-News.com, Brussels

Iceland’s Parliament has recently voted to improve and extend the country’s tax rebate scheme for film and television productions.

From January 2017, Iceland’s film and television production tax rebate will increase to 25 percent of the costs incurred in the production of projects in Iceland, from the existing level of 20 percent. Lawmakers also voted to extend the tax rebate scheme until 2021.

Under the Icelandic film and TV tax incentive, when more than 80 percent of the total production cost of a motion picture or television program is incurred in Iceland, the rebate is calculated on the basis of the total production cost incurred within the European Economic Area.

Iceland’s dramatic landscapes have been used as the backdrop for many high-profile, big-budget film and television productions recently, notably Star Wars: The Force Awakens, Game of Thrones, Interstellar, and Prometheus.

However, there is now strong competition between countries for film and TV industry spend, with several jurisdictions having improved their tax incentive schemes in recent months, including France and Ireland.

– See more at: http://www.tax-news.com/news/Iceland_Improves_Film_Tax_Incentives____71474.html#sthash.o473XsxB.dpuf