Detailed information on support for foreign cinema shooting in Latvia must be submitted to the EM government – Economy, finance

The Ministry of Finance, in constructive cooperation, together with the Ministry of Economy responsible for the sector, has found a solution to the identified problem in order to provide a solution in accordance with the regulatory enactments to support the reception of foreign cinema in Latvia. It should be emphasized that currently the conditions for the support system for foreign cinema shooting in Latvia are not being changed, but work is being done on the basis of how to more accurately calculate the projected amount of additional tax revenues, which is the basis for increasing the appropriation.

The Ministry of Finance positively assesses the results achieved in the cinema industry in recent years, including the established support instruments for shooting foreign films, which significantly stimulate the development and recognition of the country and contribute to the economy. At the same time, it is very important to strictly comply with the regulations, ensuring that no commitments are made without financial coverage.

The support system is under the competence of the department of the Ministry of Economy, and the regulatory framework for granting co-financing for the shooting of foreign films in Latvia is set out in the Film Law and the regulations of the Cabinet of Ministers on the procedure for granting co-financing from the state budget for the shooting of foreign films in Latvia. The Ministry of Finance, on the other hand, is responsible for funding planning in accordance with regulatory enactments in the field of state budget and financial management.

The necessary funding will be provided in accordance with the law “On the state budget for 2024 and the budget framework for 2024, 2025 and 2026” in the budget program of the Ministry of Economy 28.00.00 “Implementation of external economic policy” for the funding provided for 2024, as well as Article 59 of the Law. for the mechanism specified in Art. A conceptual agreement has been reached with the Ministry of Economy regarding the additional necessary funding of 3 million euros to ensure co-financing of the state budget for the shooting of foreign films in Latvia, which will direct the consideration of the issue in the Cabinet of Ministers in the near future.

Additional funding will be available to the Ministry after the Cabinet of Ministers makes a decision on the amount of the appropriation increase, and the Budget and Finance (Tax) Commission of the Saeima approves it.

Ministry of Finance