The Italian audiovisuals sector is impatiently waiting for the implementing regulation of the bill signed in May 2014 by Dario Franceschini, The Minister of Heritage and Cultural Activities, (decree-law n. 83 of May 31, 2014, modified with amendments from law n. 106 of July 29, 2014), which is expected in the coming months, that aimed to extend the application of fiscal benefits of tax credit to the entire sector of national audiovisuals. It is a measure that pushes for a significant strengthening in the Italian industry of audiovisual content, also in the perspective for a greater impact on the international market of this industry.
The Decree of the Ministry contains applicable regulations for the extension of tax credit for cinematographic activities. In practice, the Decree extends to the entire audiovisual sector fiscal benefits hitherto reserved only for the film industry. With this measure, audiovisual productions created by independent producers and intended for TV broadcasters and the web, for the first time, will be able to benefit from a tax credit that will be extended also for international audiovisual productions filmed in the Italian territory.
Differently from the movie sector, where the extension is already operative and functioned, the audiovisuals area needs the implementing regulation of the decree-law that will make it actionable and be used by the operators.
The Italian extension of the Tax Credit for the audiovisual Sector bring forward the EU Council conclusions on the European Audiovisual Policy which invited the Commission and member states to “encourage rebalancing of the public funding of audiovisual works towards development, distribution and promotion” and more specifically to “promote the creation, whenever appropriate, of guarantee funds and investment funds co- financed by public and private investors; promote capacity building to support banks and financial intermediaries in financing audiovisual companies, in accordance with the capacity building scheme of the Creative Europe Programme.”