The Institute of Cinema and Audiovisual (ICA) opens today, at 14:00, the first phase of applications for the Support Fund for Tourism and Cinema (FATC), which will have, at this first moment, a total amount of eight million of euros.
On Sunday, the Instituto do Cinema e do Audiovisual (ICA), which now incorporates the Portugal Film Commission, announced that the first phase of applications would open today, at 2 pm, with a maximum amount of eight million euros, with the possibility complete the necessary requirements as of March 30th.
This year, the FATC has a total allocation of 14 million euros, two million more than in 2022.
Last year, the FATC had to be reinforced with 10.9 million euros, to finance the 28 productions that had been left out of that financing mechanism.
The initial amount of the fund for 2022, of 12 million euros, ran out in May, given the high demand for that incentive.
On Monday night, the Government published an ordinance in the Diário da República to change the “norms for the application of the incentive regime for cinematographic and audiovisual production under the FATC”, signed by the Minister of Culture, Pedro Adão e Silva, by the Secretary of State for Finance, João Carvalho Mendes, and by the Secretary of State for Tourism, Nuno Fazenda.
“We intend to review the rules for applying to the Incentive, so that applications can be submitted more than once a year. For 2023, the first application period opens in April 2023, with rules similar to those practiced in previous years, with an additional assessment of eligible expenses incurred in low-density territories. The second moment of applications will open in the last quarter of 2023, with new rules, after reflection by the governmental areas involved”, can be read in the document.
Among the productions contemplated in 2022 by the fund – totaling 23 million euros after the reinforcement – were the film “Fast and Furious 10”, by Louis Leterrier, starring Vin Diesel, the film “Heart of Stone”, by Tom Harper, with Gal Gadot, and the series “Codex 632”, “Pôr do Sol” and “Santiago”, told Lusa an official source from the Ministry of Culture.
According to a study commissioned by the Government on the incentive, released in March, the ‘cash rebate’ system supported 168 cinema and audiovisual projects, with a total investment of 238.1 million euros, of which 128.7 million euros were of foreign investment. The total amount of incentive was 64.3 million euros, says the study.
The FATC was created in 2018, with a duration of five years.
In order to obtain tax incentives, producers must make a minimum expenditure in Portugal of between 250,000 euros and 500,000 euros, depending on the projects to be shot in the national territory or depending on the participation of Portuguese professionals in different areas of production.
The general rate applicable to eligible expenses to access the ‘cash rebate’ is 25%, which can be increased to 30%, according to the legislation.
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