The Icelandic Minister for Industry and Commerce, Ragnheiður Elín Árnadóttir, has announced that she will be putting forward a bill to change tax reimbursement for film in Iceland from 20% to 25% from the 1st of January 2017.

Árnadóttir quoted a new report by Capacent on the Icelandic film and television industry which states that the industry made a tax revenue of 12 million ISK which is more than half of what it received in the form of governmental support.

“Last year was a fantastic one for the Icelandic film industry with around 100 prizes at international film festivals worldwide. We should all be very proud. One of the factors in the great development of the Icelandic film industry can be traced to governmental tax reimbursement, something which has been a part of Icelandic law since 1999.”

Read more: IcelandMonitor