Israel is hoping to boost its appeal as a location for international shoots thanks to a new 30 percent rebate incentive for foreign productions.
Officially announced on Monday by the country’s ministries of culture and sports, economy and industry, foreign affairs finance and tourism, the two-year incentive will grant reimbursement for film and TV series shooting in Israel of up to 16.6 million shekels ($4.9 million). The aid will be given by the governmental ministries to strengthen Israeli production companies working with international entities within Israel.
The rebate will also include animated film productions, in which up to 10 percent of the budget will be allocated to reimbursement, as well as for the post-production, of which up to 10 percent of the budget will be allocated.
“The Ministry of Finance is proud to take part in the promotion of the fund to encourage foreign productions in Israel,” said director general of the Ministry of Finance, Ram Belinkov. “We believe that the fund will lead to the flourishing of collaborations in the culture and film industry in Israel, and will lead to diverse investments and employment in the economy.”
Added director general of the ministry of culture and sports, Raz Frohlich: “The procedure for encouraging foreign film and television productions is significant news for the film and television industry. The realization of the procedure and the photography in Israel will enable the strengthening of the Israeli cultural and film industries and the strengthening of the connection between Israeli culture and the State of Israel in the world. The workers of the Israeli cultural industry will receive an additional platform for action, development and promotion of their work. The act that encourages foreign productions in Israel puts us on the world map in this field as well.”
Said Dr. Ron Malka, director general of the ministry of economy and industry: “We hope to see the program encourage foreign productions in Israel as a great opportunity to strengthen the Israeli culture and film industry. The Ministry of Economy, through the Authority for Investments, will continue to provide the necessary encouragement and incentives to strengthen the Israeli economy.”