SOA People is pleased to announce it is providing 475,000 euros of financial support for a new Belgian animation film project as part of the Belgian Tax Shelter, aimed at boosting Belgium’s Film, Audio Visual and Performing Arts sector.
Tax Shelter funding is a government-approved tax incentive scheme that enables Belgian companies that are subject to corporation tax to benefit from tax exemptions on investments. It supports the film, AV and performing arts sector that’s often faced with economic challenges by helping to drive financial spend and activity. In view of the Covid-19 crisis and its devastating effects on this sector, the Belgian government decided to double the maximum amount that can be subject to a Tax Shelter initiative, thereby increasing the economic and spend activity for this hard hit industry.
This will be the second project that SOA People has supported under the Tax Shelter programme. The first, in 2018, supported a funding-backed animated film called Bigfoot Family, successfully released in 2020 by Belga Films and bought by Netflix for USA/Canada audiences.
Maarten Geerinck, Group CFO SOA People says, “As an organisation, we’re united by our values, people and culture all of which underpins our continuing success. We’re immensely proud of our financial achievements and want to share some of our success by offering our support through the Tax Shelter scheme to an industry sector that has been heavily impacted both from lack of investment over the years and particularly as a result of the Covid-19 crisis”.
“The Tax Shelter initiative is a game changer for the Belgian film industry. It provides producers a very attractive way to finance projects, and we are absolutely delighted to be contributing to an exciting new animation film project which is due out in the near future”.