QCOSTARICA – No movies or series. The regulation of the Law to attract film investment has not yet been published and the Foreign Trade Promoter (PROCOMER) confirmed that it is not yet ready.
The legislation was signed in November 2021 and took effect in May 2022.
After a consultation, PROCOMER indicated that on October 14 the regulation was sent for consultation by the Ministry of Economy, Industry and Commerce (MEIC), an institution that issued a report on regulatory improvement with several observations that were coordinated with Immigration and Customs.
Given this, some articles that originally appeared in the public consultation were modified and, therefore, a validation process must be carried out with the institutions involved.
Former legislator for the Partido Liberación Nacional (PLN), Carlos Ricardo Benavides, criticized the time that the government has taken to regulate the Law.
The Law allows a refund of up to 90% of the Value Added Tax (VAT) to those productions that exceed half a million dollars, exempts from income tax the payment to actors and producers who receive their remuneration abroad and exempts taxes on the importation of production equipment, costumes, makeup, and scenery, among other things.
For Benavides, the country is losing a lot of money for not having the regulations ready.
In May 2022, PROCOMER confirmed that there are international projects of up to US$8 million that are interested in recording in Costa Rica.