New Zealand's film industry got a boost today for both local andinternational film-makers as the country's economic developmentminister Trevor Mallard announced increased government incentives forfilms being made in New Zealand.
The Large Budget Screen Production Grant has been increased from 12.5% to 15% for New Zealand spend.
Also, large productions can now access the grant every time their spend goes over a threshold of NZ$50m.
Also, the government has removed requirements for at least 70% of theproduction spend to be spent in New Zealand (for spend of NZ $15m-$50m)and for qualifying spend to now include post-production digital andeffects work for spend of NZ $3m-$15m.
Further, several smaller productions will now be able to bundletogether to qualify for the incentive. And there will now the be optionto set the exchange rate at the start of production as protectionagainst movements in the New Zealand dollar.
New Zealand's Economic Development Minister Trevor Mallard todayannounced significant increases in government support for internationalfilms being made in New Zealand.
The New Zealand government provides financial incentives, via the LargeBudget Screen Production Grant (LBSPG), for companies undertakingproductions in New Zealand.
'The New Zealand government is committed to the development of asustainable and vibrant screen production industry in New Zealand andwe welcome the ongoing commitment shown to our country by key membersof the domestic and international film sector,' Mallard said. 'Thegrant, which complements these strengths, offers a financial incentivethat compares very favourably with incentives available in othercountries. The changes we have introduced will reinforce our reputationas a film-friendly and competitive location.'