2024 session for "foreign" tax credit opens on December 6

Italy’s General Directorate of Cinema and Audiovisual (Ministry of Culture) has published the directorial decree no. 3830 (December 4, 2024) which outlines "Deadlines and methods for submitting preventive and definitive requests for tax credit for attracting film and audiovisual investments in Italy - year 2024" and specifies the opening date of the session and further provisions on how to submit requests for the tax credit to attract film and audiovisual investment in Italy pursuant to art. 19, Law no. 220, 14 November 2016 for 2024.

From midday (Italian time) on 6 December, Italian executive producers and post-production companies can request access to the "foreign" tax credit by:

• submitting the "final request without earlier quote", no later than 180 days from the end of work on the project;

or

• submitting a "quote " no later than 90 days before the start date, followed by the "final request" no later than 180 days from the end date.

Credits can be used as compensation as follows:

1. 70%, on approval of the quote; balance on approval of the final request. The percentage may be decreased to 40% upon request;
2. 100% of the approved amount when only the final request is submitted.

Information and relevant legislation can be found at this link.