Major improvements to tax credit for foreign film production services

Major improvements to tax credit for foreign film production services

MONTREAL, June 12 /PRNewswire/ -- The Quebec Film and Television Council (QFTC) is extremely pleased with the Quebec government's important announcement today, regarding the change in tax credits for foreign film production services. The 25% rate, applicable to labour costs, has now been extended to include all eligible expenses. An additional 5% enhancement for special effects, digital animation and green-screen shooting brings the effective rate for any eligible production to 30%.

The QFTC extends a special thanks to Raymond Bachand, Minister of Finance, and Christine St-Pierre, Minister of Culture, Communications and the Status of Women, for their quick involvement in this important tax credit issue. The concrete action they have taken, at a time of intensified international competition, is certain to impact positively on efforts to promote Quebec's assets to American producers.

This decision, which bespeaks a strong commitment to Quebec's film and television industry, is also evidence of the dynamic, open relationship the industry has forged with government, and of solid support for the QFTC's mission: to develop Quebec's competitiveness as a world-class film production centre. Film Commissioner Hans Fraikin is pleased with the Quebec government's response to requests for changes in the foreign film production services tax credits, which can now be applied to all eligible expenses, while maintaining the enhancement for special effects. "The entire industry will benefit considerably - in both the short and long term - from these measures. Quebec has returned to the foreground, with tax breaks that are more than typically competitive."

About the QFTC:

The Quebec Film and Television Council's mission is to contribute to Quebec's development and competitiveness as a world-class film and television production centre. The QFTC is responsible for promoting Quebec's assets in foreign markets, in order to attract interesting business opportunities for all of Quebec. Working with regional film and television offices, it ensures consistency and proper coordination of the welcome and support services required for filming international productions in Quebec. The QFTC's mandate includes the development and completion of anchor projects that will benefit the entire industry, while also taking on an information dissemination and awareness-building role with public- and private-sector decision-makers and the general public.

Source: Quebec Film and Television Council (QFTC)

CONTACT: Hans Fraikin, Commissioner, (514) 772-2601; Sylvain Gagné,
Deputy Commissioner, Quebec Film and Television Council, (514) 499-7070,
extension 223

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