Ukraine to encourage film production with cash rebates

Ukraine to encourage film production with cash rebates
The Ukrainian parliament (Verkhovna Rada) in Kiev (Image: Perohanych under a CC licence)

17 February 2016

Ukraine is set to launch a cash rebate scheme to promote film production in the country.

On 28 January 2016 the Ukrainian parliament passed the draft law “On State Support of Cinematography in Ukraine”, which was designed to create more favourable conditions for the production of films and development of cinematography in Ukraine and was prepared by major Ukrainian filmmakers and studios.

Within the framework of this law, Ukraine may establish a 25% cash rebate mechanism by the time of the 2016 Cannes Film Festival (11 — 22 May).

It is anticipated that the introduction of this compensation will attract approximately 2.5 billion hryvnia (US$92.4 million) into the Ukrainian economy over the next 5 years.

Source: Screen Daily and News from Ukraine