Videoage International January 2021

8 World January 2021 V I D E O A G E Invested capital in the coun- try during the first two years was 90 million euro (U.S. $109 million). Vergou reported that “from April 2018 to September 2020, 86 applications have been included in the cash rebate program (43 domestic and 43 international productions).” The rebates are available for feature films, documentaries, TV series, animated films, and digital games, when either post-production, principal pho- tography, or development is set in Greece. Reality shows, com- mercials, and certain other productions are not eligible for the rebate. Companies with a branch or established in Greece are eligible, to the extent that they produce audiovisual works in Greece. Foreign companies are not eligible unless they contract with and seek the rebate through a Greek company. Applications are submitted via an electronic system gua- ranteeing smooth, fast, and transparent processing. Added Vergou, “Applications are con- sidered on a cultural test point- system basis, according to the type of audiovisual work.” The cash rebate is payable relatively quickly, no later than six months after completion of production or post-pro- duction in Greece provided all requirements of the law have been met. Financing of the rebate is guaranteed through the Greek Public Investment Program, but the cash rebate is administered and operated by the National Centre of Audiovisual Media and Communication (EKOME), which actually cuts the checks to producers. There are limitations on the amount of above-the-line expenses that are eligible. Non- Greek nationals may be eligible for the rebate if they are taxed in Greece, are properly insured, and if they contract with a Greek production or production service company. In addition, the amount of all state aid in the E.U. may not exceed 50 percent of the budget unless it is a production subsidized by more than one E.U. member. In that case, the limit is 60 percent. I n July of last year, Greece increased its cash rebates for film and TV production (which started in April 2018 at 25 percent) to 40 percent of qualifying expenses, up from 35 percent. The country also provided a flexible floor, which, according to Venia Vergou, director of the Hellenic Film Commission at the Greek Film Centre (pictured below), “means that TV series are eligible as long as the minimum amount of eligible expenses per episode is between 15,000 euro [U.S. $18,000] and 25,000 euro [U.S. $30,000].” It used to be higher. The rebates also credit digital games created in Greece, and make the credits available for documentaries and short films. The anticipated cash rebate can be pledged as collateral to a Greek bank in order to secure a production loan. Guaranteed by the Greek Public Investment Program, the rebates will total up to 75 million euro (U.S. $91 million) between 2018 and 2022. Through September 2020, total rebates granted were 30 million euro (U.S. $36 million), leaving 45 million euro (U.S. $54 million) available through 2022. Greece’s New Cash Rebates Explained (Continued from Page 6) (Continued on Page 10)