SPADA Welcomes Government's Changes to Screen Incentives16 December 2013
SPADA welcomes the Government’s announcement, which sets out changes to the structure and level of support for overseas and New Zealand film and television productions and strikes a good balance between attracting international inward production and providing opportunity to grow the domestic industry.
The rebate on international film and television productions now rises from 15 per cent to 20 per cent and is uncapped. A further 5 per cent will be available for international productions that deliver significant economic benefits to New Zealand . Eligibility will be assessed through a points system to be released in due course.
New Zealand productions will continue to be able to access 40 per cent, but that will now be extended to television and productions with larger budgets. The two tiered system will take the form of a rebate on productions up to $15m qualifying New Zealand production expenditure (QNZPE) and equity on productions between $15m and $50m QNZPE.
“This is a great opportunity for the domestic industry to exploit its IP internationally and it’s an opportunity for screen companies to have ambition at a higher budget level”, says SPADA Co-President Richard Fletcher.
The changes come as the existing Screen Production Incentive Fund and Large Budget Screen Production Grant are combined to form the New Zealand Screen Production Grant, an uncapped fund.