Newly approved 20% tax incentive vital for film industry in Lithuania
Lithuanian movie producers predicted that the number of films produced in Lithuania next year will increase three-fold after the Lithuanian Parliament approved an amendment granting income tax incentives for film production today.
„This incentive is vitally important for our film industry. The income tax amendment will encourage Hollywood’s and Europe’s greatest filmmakers to choose Vilnius and Lithuania for shooting, bringing with them tax revenue and new jobs. This incentive will benefit not just the film industry, but the entire country,” – said Vilnius Mayor Arturas Zuokas.
Vilnius Film Office Director JuratePazikaite states that the incentives will allow Lithuania to offer both high quality and financially advantageous terms, making it a competitive country in the film industry.
“We have highly competent film professionals, unique landscapes, architecture, and all the seasons of the year. However the absence of tax incentives caused us to lose projects worth millions as their creators decide to take them elsewhere. I am very pleased that this situation changed today and that Vilnius is once again in the running as a cost effective location with highly educated and greatly skilled human resourses – said J. Pazikaitė.