Tax Rebate

Icelandic film and television rebates are available to VFX.

There are two rebates available - 25% and 35% respectively. RVX can make the application on behalf of the studio.

25% or 35%. What is the difference?

To successfully receive the 35% rebate a project must commit to a minimum spend of 350m ISK (approx $2.75m). The project must also have a minimum of 30 working days in Iceland, which is easily fulfilled with an award of that size.

The 25% rebate has no minimum spend or minimum production requirements.

When must the application be made?

The application must be made before production begins in Iceland i.e. before RVX begins work on the project. So if an applicant has already completed (or is conducting) principal photography outside of Iceland and is interested in awarding VFX work to RVX, that work is eligible for reimbursement even though main production started some time prior.

(If production is shooting in Iceland then the application should be made in advance of that)

How long does it take from applying until there is a response?

A response with an approval / rejection is generally received within 2-3 weeks of making the application.

Who applies?

When applications are being made for solely for VFX, RVX can handle the application on the studio’s behalf.

For projects with significant production phases occurring in Iceland in advance of post, the relevant Icelandic Production services company should make the application.