Yakutia proposes bold new incentives to boost its film industry growth
YAKUTIA.INFO. Yakutia is discussing a draft law on the creative economy that includes additional support measures for film producers, according to the Republic's Development Corporation. The document is being developed in collaboration with representatives of the film industry.
"The key incentives for filmmakers may include tax breaks and a rebate system—a partial refund of funds spent by studios on production within the republic. This practice is already in place in various countries and, within Russia, in Primorsky Krai and Kaliningrad Oblast," the Development Corporation's press service reported.
All benefits will be formalized in the new law, which builds on the existing 2022 republican legislation on state support for cinema. To qualify for incentives, film companies will need to be listed in a special registry of creative industry enterprises.
The adoption of the bill is expected to boost investment appeal in Yakutia's film sector and foster the growth of the local creative economy, the Development Corporation noted.
