Foreign Tax Credit – 2024 Session Opened on December 6

The website of the Directorate General for Cinema and Audiovisual at the MiC has published Decree No. 3830, dated December 4, 2024. This decree outlines the “Terms and conditions for submitting preliminary and final requests for the tax credit aimed at attracting cinematic and audiovisual investments to Italy for the year 2024.” It includes the opening date of the session and additional provisions regarding applications for the tax credit under Article 19 of Law No. 220, November 14, 2016, for the 2024 fiscal year.

As of December 6 at 12 PM, Italian executive production and post-production companies can apply for the so-called “foreign tax credit” by:

• Directly submitting a “final request without a preliminary one” within 180 days from the conclusion of production work;
• Alternatively, submitting a “preliminary request” no later than 90 days before the start of production phases and subsequently submitting the “final request” within 180 days from the conclusion of production work.

Credits can be used for compensation as follows:

• 70% upon approval of the preliminary request and the remaining portion upon approval of the final request. Companies may request a reduction to 40% of the preliminary approval amount.
• 100% of the approved amount in cases where only the final request is submitted.

For more information and related decrees, visit our section: Tax credit

Source: Italy for Movies