Foreign filmmakers will have the opportunity to receive a rebate of up to 35% of their filmmaking investments in Armenia.

The decision was adopted at the Cabinet meeting on Thursday.

The incentive also covers film production jointly between foreign and Armenian filmmakers.

According to Zhanna Andreasyan, Minister of Education, Science, Culture and Sport, the purpose of the incentive is to create favorable conditions for foreign investments in the film industry in Armenia, promote joint production and boost economic activity in the industry by generating additional revenue. 

Filmmakers having acquired related products and services from resident companies or entrepreneurs in Armenia will be eligible for up to 25% rebate incentive, while an additional 10% will be granted for promoting Armenia in the films. 

Andreasyan recalled the agreements with Netflix and said that this decision will contribute to advancing the deal.

Prime Minister Nikol Pashinyan lauded the decision. He said the government must encourage Armenian filmmakers and studios to establish partnerships. “Basically this is an asset in their hands as a co-investment, so that they are able to establish partnerships,” he said.

Published by Armenpress, original at https://armenpress.am/en/article/1216762