INCENTIVES - 25% REIMBURSEMENT
Icey Productions can assist you in making your production qualify for the tax incentive and will undertake all the necessary legal work.
Special legislation has been passed in Iceland which aims "to enhance domestic culture and promote the history and nature of Iceland" by temporarily supporting motion pictures and television programmes produced in Iceland. The reimbursements from the State Treasury is 25% of the costs incurred in the production of films and television programmes in Iceland.
Production costs refers to all costs incurred in Iceland deductible from the revenues of enterprises pursuant to the provisions of the Act on Income. Payments pertaining to employees and contractors are only to be included in production costs if they are verifiably taxable in Iceland. When more than 80% of the total production cost of a motion picture or television programme is incurred in Iceland, the reimbursement is calculated on the basis of the total production cost incurred within the European Economic Area. The reimbursement scheme does not cover production of commercials or music videos.