ICELAND

Production costs refers to all expense that is incurred in Iceland and is eligible for deduction from operating revenues pursuant to the Income Tax Act. Wages and payments to independent contractors are only considered production costs if they are verifiably taxed in Iceland.

10% for projects that fulfull all three requirements:

• Iceland production costs must be a minimum ISK 350M;
• Must have a minimum 30 working days in Iceland (at least 10 shoot days); and
• A minimum of 50 staff taxed in Iceland working a total of 50 working days.

Applications for reimbursement must be submitted to the Icelandic Film Centre before the start of production of a motion picture or television program in Iceland.