Post a comment
Print articleDominican Republic Law Provides Significant Incentives to Film Industry
July, 2012 - Luis R. Pellerano
But one of the major reasons for the film industry’s explosive growth has been the Dominican government’s interest in supporting it – in particular, the country’s recent adoption of a law to promote and encourage the industry.
One of the goals of the Dominican Republic’s new Film Industry Law was to modify the country’s tax system so that it stimulates the film industry and encourages domestic and foreign investment in the industry. Toward that end, the Film Industry Law contains a number of tax incentives for the film industry itself, and for domestic and foreign investment in the industry.
These film industry tax incentives are available to any individual or companies that administer, promote, or develop films and other audiovisual works. The law also provides that funds that are generated by taxes on film-related goods and services are to be channeled back to the film industry.
In addition to establishing financial incentives for the film industry and for foreign investment in the film industry, the Dominican Republic’s Film Industry Law helps smooth the way for the production of films. It reaches that goal in a number of ways, one of them is the creation of a General Directorate of Films under the Dominican Ministry of Culture that is empowered to do everything from promoting the production of films and policies encouraging Dominican and foreign financing of the film industry to executing partnership agreements with Dominican and international organizations for the purpose of promoting the film industry’s activities. To further encourage the production of films in the country, the new film law also facilitates customs, procedures and administrative systems, and it establishes a special tariff schedule for the production of foreign films in the Dominican Republic.
In the film industry, Pellerano & Herrera has represented leading institutions from the sector such as film studios, networks, agents, among others. The attorneys working in this field have ample experience working on matters related to intellectual property, labor and license agreements. The Dominican Republic offers a welcoming environment for the film industry, with tax incentives, industry and government support and an industry-friendly atmosphere that allows filmmakers to consider Dominican Republic as an exception location to operate.
For more information visit us at: www.phlaw.com
Or send us an email at: [email protected]
