Buenos Aires Moves to Lower Taxes on Audiovisual Industry
By Dialogo July 15, 2010
Buenos Aires will move forward on a law to promote the development of the audiovisual industry by granting tax benefits to producers who locate in areas of the Argentine capital, city mayor Mauricio Macri announced.
The bill to be submitted to the Buenos Aires legislature proposes that five areas of the city be designated as forming an “audiovisual district” in which television, film, advertising, animation, and videogame producers will receive tax exemptions for a ten- to fifteen-year period.
Argentina is the fourth-largest global exporter of television content, selling its productions in eighty countries, according to the proposal put forward by Macri.
In the capital, Buenos Aires, an average of seven hundred productions are filmed each year, principally advertising spots.
Argentina’s audiovisual exports were valued at 419 million dollars in 2008, according to the most recent figures available, and the sector currently employs more than 51,000 people.
“The city of Buenos Aires has a chance here to grow a very great deal (…) If we don’t generate and export more content, it’s going to be difficult for us in Argentina to be able to give everyone an opportunity,” Macri said upon introducing the proposal.