Three incentives that attract investments in the field of audiovisual productions in Greece

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There are three incentives that attract investments in the field of audiovisual production in Greece:

  1. Cash Rebate 40% –> Film /TV/Animation/Documentaries
  2. Cash Rebate 40% –> Digital Game
  3. Tax Relief 30% –> For High Standard Projects

Recognising the significant contribution of the audiovisual sector to a country’s economy Greece introduced in the recent years an investment mechanism in order to support audiovisual and film productions. Through a “cash rebate” system providing investment incentives for audiovisual productions (film/TV/documentary/animation/digital games) for expenses incurred in Greece, the aim is to attract foreign filmmakers and audiovisual producers supporting also domestic production companies.

With the support of the Ministry of Digital Governance, EKOME kept the program fully operational throughout the pandemic, guaranteed its continuity and ensured that foreign production companies were informed of its uninterrupted function and of the safety protocols for filming in Greece.

1. Cash Rebate 40% –> Film /TV/Animation/Documentaries

The implementation of Law 4487/2017 was a decisive step towards attracting investment through the production of films, television series, documentaries, animation, and digital games in Greece.

Since September 2018 (Law 4563/2018) until recently, the rebate amounted to 35% on the eligible expenses incurred in Greece. The updated legislation (Law 4704/2020) raises the cash rebate to 40%, provides a more flexible floor for  :

  • TV series (€15,000-€25,000 per episode),
  • a new minimum for digital games (€30,000),
  • a minimum for documentaries (€60,000),
  • a minimum for short films with a minimum of €60,000
  • while the minimum of eligible expenses for feature films remains at €100,000.
  • the maximum amount of cash rebate an investment plan can receive is €12 million. Furthermore, the Greek cash rebate can now serve as collateral for producers to obtain funds through the Greek banking system.

2. Cash Rebate 40% –> Digital Games

Greece is dynamically “present” on the international map of the digital game industry by taking initiatives to support and promote domestic production, but also to attract foreign investment and business synergies.

In a market full of investment opportunities, EKOME helps develop the digital gaming sector by fostering domestic producers working in the recreational and serious gaming sectors through the 40% cash rebate investment incentive. EKOME actively supports domestic production and Greek professionals during game development, as well as at all stages of the investment incentive process. It also undertakes to bring producers in contact with investors, actively supports the connection of the academic community with companies, producers and the labour market, and finances national expeditions to international festivals and fairs on digital gaming. The goal of EKOME is to bring Greece into the spotlight as an attractive place for investments, synergies and cross-border digital game productions, while enhancing the competitiveness of domestic producers and developing the audiovisual industry in Greece.

For the cash rebate application :

–>Applications may be submitted for international and domestic productions and/or co-productions that choose Greece as the location for main photography, production, and/or post-production.

–> Applications are submitted to EKOME all year long, no later than 10 days before the beginning of production and/or post-production, via an electronic system guaranteeing smooth, fast, and transparent processing.

–> The subsidy is payable after the completion of production or/and post-production, provided all prerequisites of the relevant legislation are met.3. Tax Relief 30% –> For High Standard Projects

Tax Relief is a second tool to attract audiovisual productions in Greece. EKOME is the official government body that manages this incentive, which can operate in addition to the investment incentive (Cash Rebate). Both are independent investment tools that act together or separately, provided that the general rules of legality and the conditions of State aid cumulation are observed.

A necessary condition for the inclusion in the tax relief program is for the production company to own a Special Bank Account in a Greek credit institution, through which the financial management of the investment plan will be carried out.

The tax incentive (Greek Tax Relief) corresponds to tax relief of 30% of the eligible expenses deducted from the net taxable results of the financiers of the approved investment plan, as they result from the income tax return, according to article 71E of Law 4172 / 2013.

The application is submitted through the platform of the State Aid Information System www.ependyseis.gr and the tax relief is calculated by the Independent Authority Public Revenue (AADE) based on the respective income tax return.

Found out here what Atlas Consulting can do for the Audiovisual Production Company

Resources about the Tax Incentives from the official website of EKOME

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