France’s tax credits are producing extremely positive results
- The CNC has unveiled its annual report on the regional impact of film, audiovisual and international tax credits, which prove very positive for activity and jobs
Created to strengthen the appeal of France as a location for national and international productions, French tax credits (film tax credit, audiovisual tax credit and international tax credit) have been generating excellent results since their reform in early 2016, which aimed to counter what was then a massive wave of offshoring for cinema and audiovisual projects caused by an environment of extremely intense tax competition between countries from Europe and elsewhere.
This reform allowed to half the number of shoot offshoring since 2015 and, according to CNC estimates, expenditures in the audiovisual and cinema field in France have reached €2,08 billion for 2019 — €622 million more than in 2015.
"Since the tax credit reform, more and more productions are taking place in France and on many more territories, leading to the creation of 30,000 jobs," says CNC president Dominique Boutonnat.
In 2015, more than half of the ten biggest French projects turned down the national tax credit, opting to shoot abroad instead. The effect of the reform on the biggest productions is spectacular: in 2018, the ten biggest French projects were all shot in France. Standing out among the films demonstrating this trend are Paul Verhoeven’s Benedetta (budget of €19,8 million, of which €16,1 million were spent in France) and Michel Hazanavicius’ The Lost Prince [+see also:
film profile] (budget of €24,9 million, of which €22,4 million were spent in France).
It is worth noting that shoot expenditures in France for foreign fiction products have risen to €186 million in 2018, and that activity outside of the Ile-de-France region has been multiplied by six since the international tax credit reform, as exemplified by works such as Wes Anderson’s The French Dispatch [+see also:
film profile] (€27 million spent in France, 19 days of filming in the Nouvelle-Aquitaine) or the second season of Riviera (a Sky TV series by Neil Jordan — €27 million spent in France, with 124 days of filming in the South).
(Translated from French)
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