Top News

Romania Extends 35-45% Cash Rebate Through 2023

Romania Extends 35-45% Cash Rebate Through 2023

Romanian lawmakers voted Wednesday night to revise the country’s 35-45% cash rebate, topping up the €50 million ($59 million) annual fund to finance the cashback scheme through 2023 and breathing fresh life into the local film industry.

The move ended an anxious period of speculation for the Romanian biz, which saw months-long delays in applications for the rebate after a bureaucratic reshuffle following a change in government last winter. The coronavirus pandemic also put film industry legislation on hold earlier this year.

“This is definitely a good thing for the entire industry,” said Bogdan Moncea, of Castel Film Studios in Bucharest, which serviced the fifth installment in Universal’s “Dragonheart” fantasy franchise. “Castel Film is in the process of negotiating two feature films for the end of the year which are relying on the rebate to be economically feasible. So it would be a positive impact for our business.”

The 35% cash rebate

See full article on Variety