Hungary has raised its production incentive from 25 to 30 percent.
Variety reports that Hungary is currently Europe's second biggest film producing nation behind Britain - the latest incentive may very well push it to number one.
Sources state that the Hungarian National Film Fund submitted the tax rebate rise to the European Commission, which has given its approval.
The support scheme will be extended until the end of 2024, and is available for films, TV series, documentaries and animation shooting in Hungary.
The incentive has been increased to “preserve Hungary’s leading position and competitiveness in the European film industry,” according to a statement from the Hungarian National Film Fund.
Hungary is now central and eastern Europe’s most popular destination for international production shoots.
“The Hungarian film support scheme provides significant contribution to the development of the Hungarian film industry and to the country’s GDP,” the statement added.
“In addition to the tax incentive, Hungary’s film industry has highly educated and experienced film crews, a variety of exciting and new film locations, and state-of-the-art sound stages,” Andy Vajna, Hungary’s film commissioner, said.
“Budapest is the most popular location to shoot films in continental Europe. With the increased tax incentive, we aim to strengthen the Hungarian film industry and to preserve our leading position in the international market," he added.
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