New Zealand Boosts Film Industry Incentives Amid U.S. Tariffs
New Zealand plans to allocate additional funds to offer rebates for foreign film productions. This move comes as a response to U.S. tariffs on films made outside its borders, aiming to maintain New Zealand's competitive edge as a popular global film location despite proposed budget cuts.
New Zealand is set to enhance its appeal as a global movie-making hub by increasing budget allocations for foreign film rebates. This decision follows U.S. President Donald Trump's announcement of 100% tariffs on films made outside the United States, pushing New Zealand to reassert its position in the industry.
A historic filming site for blockbusters like the 'Lord of the Rings' trilogy, New Zealand's attractive incentives and lower costs have drawn Hollywood studios. Finance Minister Nicola Willis made it clear that the nation remains a prime destination for filmmakers, emphasizing the benefits of its talented workforce and picturesque locations.
The government's decision includes a NZ$577 million boost to the International Screen Production Rebate scheme, aiming to sustain the industry despite planned spending cuts due to reduced tax revenue. This program offers cash rebates to productions exceeding certain cost thresholds, ensuring New Zealand remains competitive against countries like Australia, Canada, and the UK.
(With inputs from agencies.)
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