Film refund incentive raised to 35% for major productions

On June 15, the parliament of Iceland approved a bill submitted in May by Lilja Alfreðsdóttir, Iceland's Minister of Culture and Trade, to increase the non-capped refund on costs incurred during the production of audio-visual works in Iceland, from 25% to 35%.

All productions for feature films, TV shows and documentaries in Iceland are eligible for a 25% refund. Companies are however eligible for a refund of up to 35% given they fulfill three criteria:

Production costs incurred in the production of the motion picture or television material concerned in this country must be a minimum of ISK 350 million.
The project in question must have a minimum of 30 working days in Iceland, either consisting of actual film production (shooting) days or defined post-production working days. Of the 30 working days, a minimum of 10 shooting days in Iceland is however always required.
The number of staff working directly on the project shall be 50 at a minimum and this work shall amount to 50 working days. It is a requirement that both salary and payments to employees and contractors, shall be taxed in Iceland.

Applications for reimbursements are submitted online to the Icelandic Film Centre and must be submitted before production begins.