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Hungary Extends Tax Rebate through 2019 Featured

2013-09-24

BUDAPEST: The European Commission approved the continuation of Hungary’s tax rebate system for films through 31 December 2019. Production companies can claim 20 percent of costs under the scheme.

The tax rebate will retain the same conditions, but Hungary can now offer double the amount of direct and indirect financial film support per year, up to 18.5 b HUF (6.16 m EUR). The increase was in response to a request of the Hungarian Film Fund.

The Hungarian film industry bonanza in foreign productions has been directly tied to the tax rebates, which drew productions from other destination film service countries, especially nearby Czech Republic.  

Domestic film producers and directors were less enthusiastic, and have complained that the large amount of foreign, mostly American, productions have drained the huge segment of the talent pool of crew members which also raising the cost of hiring them.

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