Featured Galleries CLICK HERE to View the Video Presentation of the Opening of the "Holodomor Through the Eyes of Ukrainian Artists" Exhibition in Wash, D.C. Nov-Dec 2021 USUBC COLLECTION OF OVER 160 UKRAINE HISTORIC NEWS PHOTOGRAPHS 1918-1997 "HOLODOMOR 1932-33: THROUGH THE EYES OF UKRAINIAN ARTISTS" - COLLECTION OF POSTERS AND PAINTINGS USUBC COLLECTION OF HISTORIC PHOTOGRAPHS ABOUT LIFE AND CAREER OF IGOR SIKORSKY PHOTOGRAPHS - INVENTOR OF THE HELICOPTER Ten USUBC Historic Full Page Ads in the Kyiv Post
Ukraine establishes tax incentives for foreign and local film producers
CMS, Kyiv, Ukraine,
August 05, Wed, 2020
On 21 July 2020, the Ukrainian parliament adopted a law aimed at further promoting film production in Ukraine by granting tax incentives to both local and foreign film producers.
The new law is a long-awaited follow-up to another piece of legislation, which entitles foreign filmmakers to receive a cash rebate (compensation) for production costs incurred in Ukraine in the amount varying between 4.5% and 25% of eligible expenses that include direct production expenses such as employee salaries. The exact amount of the rebate will depend on certain criteria and the type of expenses.
According to the latest available draft, the new law creates the following two tax incentives:
- funds received by a local producer as a cash rebate to be transferred to a foreign producer will be exempted from corporate income tax in Ukraine; and
- film production services rendered by a Ukrainian producer to a foreign producer will not be subject to VAT in Ukraine.
This article is based on the most recently available text of the law, which may differ from the final version. The law is now waiting to be signed by Ukrainian President and it will come into force after official publication.
Read our previous Law-Now reporting on cash rebates for foreign film producers.
For more information on new incentives for shooting films in Ukraine, contact your regular CMS advisor or local CMS experts Olga Belyakova and Viktoriia Stavchuk.
Olga Belyakova, Partner, firstname.lastname@example.org
Viktoriia Stavchuk, Senior Associate, email@example.com