The tax instrument may attract EUR 15 million worth of film production to Lithuania in 2015, the Centre estimates.
"The applications we have received so far show intentions to spend EUR 15 million in Lithuania this year," said Rolandas Kvietkauskas, director of the Centre. "Judging from the number of applications last year, we believe that even more filmmakers and producers will aim to embrace the opportunity offered by the incentive."
The incentive is exercised by both Lithuanian and foreign film producers. Applications come from a range of countries, including Lithuania, UK, Finland, Russia and Germany.
The amendment to the Law on Corporate Income Tax came into force on 1 January 2014. Producers making films in Lithuania may receive support from private sponsors worth up to 20% of the total film production budget, allowing successful local companies that wish to provide gratuitous funds to the production to cut their taxable income.
