18 de June 2020
More than 69 million dollars to boost the Colombian Audiovisual Industry
Under the 474 Decree issued by the national government, the benefits of the Colombian Filming Law will extend its validity for 10 years more and will broaden its scope to other audiovisual genres
After eight years of promoting cinematographic and audiovisual activity throughout the country, and having attracted more than 46 million dollars in foreign investments that generated more than 25 thousand jobs, the national government issued the 474 Decree of 2020, which extends the legal benefits provided by the Colombian Filming Law, to other audiovisual genres such as series, music videos, animation projects, video games, and advertising among others, in addition to film production.
According to the Vice Minister of Creativity and Orange Economy, Felipe Buitrago, this new incentive “seeks to strengthen the entire audiovisual economic sector and attract new investments for the country to the boost employment. Our goal is to transform Colombia into the hub of the audiovisual industry in Latin America”.
It is estimated that these incentives, materialized through the so-called Audiovisual Investment Certificates, will expand the audiovisual sector with more than 69 million dollars.
“Non-national audiovisual projects produced, or post produced in the country, in whole or in part, will be entitled to request an Audiovisual Investment Certificate that can be deducted from income tax for up to 35% of the total investment made in Colombia,” affirmed the Vice Minister.
To be able to benefit from these incentives, the foreign producer must apply, along with a film services company or a national co-producer, to the call that will be opened by the Ministry of Culture and Proimagenes in the upcoming weeks. Additionally, they must generate expenses in cinematographic audiovisual and logistics services in the country of at least 475 thousand dollars.
“We hope we can generate a growth in the audiovisual industry, the same way that the Colombia Film Fund has achieved, whereby for each Colombian peso that is returned to the foreign producers, three remain in Colombia. Between 2013 and 2019, 39 foreign films have been filmed in in the country. This contrasts with the 14 film productions made in the country in the last 50 years prior 2013. In addition to a possible increase in this figure, this will also result in the strengthening of technical capabilities that will lead to a better qualified audiovisual sector”, said Claudia Triana, Executive Director of Proimágenes.
About the Colombia Film Fund (CFF)
The Decree 474 of 2020 expanded the benefit of the Colombia Film Fund for television series and music videos. In this way, the production companies that make their filming within the Colombian territory, will have a consideration equivalent to 40 percent of the value of expenses incurred in the country for audiovisual services, and 20 percent of the value of expenses in logistics services.
It is worth clarifying that the CFF and the CINA are exclusive, the productions must decide for one of the two benefits.
"This group of incentives is intended to give a strategic boost to the plan to reactivate the audiovisual sector and become an effective means of attracting foreign direct investment, contributing to the promotion of tourism in the country and encouraging
export of national talent to other markets. This sector has a government that is friendly to investment and entrepreneurs, which offers permanent support and is always looking for new business opportunities for Colombian companies," said Flavia Santoro, president of ProColombia.
This Friday, June 19, at 2 p.m., the Facebook Live 'New incentives for the audiovisual industry in Colombia' will be held, with the purpose of presenting the benefits of the Decree 474 of 2020 to the whole country, and solving doubts. Those interested will be able to see it through the facebook account @Emprendimiento.Cultural.Colombia of the Ministry of Culture.
This event, moderated by the producer Dago Garcia, will have the participation of the Vice Minister of Creativity and Orange Economy, Felipe Buitrago, the director of Proimágenes Colombia, Claudia Triana, the director of Dynamo, Andres Calderon, and cultural consultant, Gonzalo Castellanos.
Virtual International Tour
In order to promote these incentives internationally, the Ministry of Culture, ProColombia and Proimágenes Colombia, in alliance with the regional investment promotion agencies of cities such as Bogota, Barranquilla, Cali and Medellin, have designed a tour of virtual meetings with the United States, which has been attended by businessmen, academics and peers of the government of that country.
Companies such as NBC Universal, Netflix, Luminate, Viacom, Mediapro, Sony Pictures, Amazon Studios, Telemundo, and Turner have been part of the tour.
This promotional tour will be extended over the next few weeks to Europe and Asia, where a virtual conference will be held as part of the Cannes Film Festival's Marché du Film on June 23.