Tax credit brings 25 million-worth of investment to Lithuania – film center
A tax credit has brought in 24.4 million-worth of investment from foreign film makers in Lithuania over the pas four years, specialists from a Belgian consultancy have calculated.
All in all, 68 film producers, including 23 foreign company movies, have taken advantage of the tax credit which has encouraged such companies as BBC and HBO to come to Lithuania, the Lithuanian Film Center says.
A study into the effect of the tax credit in 2014-2017, commissioned by the center and carried out by KEA European Affairs, shows that the tax credit encouraged the country's businessmen to invest in the film sector, with private investment into film production in Lithuania standing at 8.527 million euros over the last four years.
Moreover, film projects increased employment in the film sector and related areas. And incoming foreign film crews also increased hotel occupancy rates and benefited the café and restaurant business, as well as transport and rent sectors.
"An increase in film production volumes created over 12,000 temporary jobs in 2014-2017, and the amount of taxes paid to the state reached almost 11 million euros," the Lithuanian Film Center, which administers the tax credit, said.
It estimates that around 27 million euros will be spent on film production in Lithuania in the second half of this year, with over 5 million euros coming from the country's businessmen.