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Spain must be the objective of audiovisual productions because the return for the industry and for the country's economy is very high

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I International Audiovisual Production Meeting

Spain must be the object of audiovisual productions because Cinema offers important returns, both direct and indirect in the country's economy.

This was highlighted by Patricia Motilla, Partner of Andersen Tax & Legal and head of the Culture department of the firm in Spain, during the First International Meeting of Audiovisual Production held by the firm in Madrid and inaugurated by Jaime Montalvo, Project Director of ICEX-Invest in Spain. The event was attended by Ciro Serio, Of Counsel of the Andersen Tax & Legal office in Rome, Pierre Bouley, Partner of the Andersen Tax & Legal office in Paris, Karoly Radnai, Partner of the Andersen Global collaborating firm in Hungary, Orientax, and Nuno de Oliveira Garcia, Partner of Andersen Tax & Legal in Lisbon.

During the day, participants stressed that audiovisual production is a key sector for the generation of wealth, employment and image-building of countries. Specifically, they stressed that an international shoot not only has a direct impact on employment and economy of the sector, but also generates a tractor effect in other sectors such as tourism or investment, so it is important to offer beneficial conditions for the shoot.

At this point, Jaime Montalvo highlighted the support of the Institute of Cinematography and Audiovisual Arts (ICAA) and the ICEX to the audiovisual sector and the increase in tax incentives and valued the fact that the private sector helps institutions to know the aspects in which it is most necessary to have an impact and gave as an example companies that, like Andersen Tax & Legal, "incorporate a level of specialisation and knowledge that allows them to help the sector and the administrations to develop the work of promoting the country and face new challenges".

The representatives of Andersen's Audiovisual team in Europe analysed the fiscal benefits that productions can have in different countries, the necessary requirements to achieve them and the synergies that can be created with international co-productions. Specifically, it was shown that filming in Italy can be financed up to 100%, that tax breaks are very high in France and Hungary and that Portugal has a fund for audiovisual financing that reached 30 million euros in 2018.

In Spain, they pointed out, the time has come to value the factors of competitiveness of the sector and take a further step not only to host international productions but also to lead pan-European filming.

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