VTB Bank will be engaged in the reimbursement for the movies

Photo: Ekaterina Kuzmina / RBC

VTB can become the main financial operator rebate system in Russia — tax returns to the filmmakers while filming in the country. The first region where VTB will begin to pay such expenses, may be the suburbs

VTB Bank can be a financial operator rebate system in Russia — the return of regional budgets funds to filmmakers who shoot films in the country, said RBC senior Vice-President of VTB Bank and Director General of “Glavkino” Vladislav Melnikov.

In the near future the system will be launched in the suburbs, and “Glavkino” would become the main venue for the introduction of the rebate system in the region, says the interlocutor of RBC. “VTB Bank is the main financial partner of “Glavkino”, so in the framework of the implementation of the rebate system can serve as a financial operator, not only in the Moscow region”, — said Melnikov. VTB is the main creditor of the Studio and, as claimed by the source of RBC in the end of November 2016, is now “intends to participate in the development of “Glavkino”, not as creditor, but as an actual partner of the project”. With this was connected the appointment of the top Manager of the Bank Manager of the Studio. “Interest in the development of supervised project” explain the interlocutors of RBC and the Bank’s participation in the project rebates.

About introduction in the Russian system of tax refunds, the filmmakers spent on the territory of the region became known in October 2016. The project received the support of the cinema Fund and the Ministry of culture. From 2017 the system of rebates was launched in Primorsky Krai, Astrakhan and Kaliningrad regions. The size of the rebate in Russia varies from 5 to 20%. Also discussed is the creation of a system in the Leningrad, Tula, Nizhny Novgorod and Rostov regions, Krasnodar and Altai territories, the Republic of Crimea, Tatarstan and Sakha. The number of such “chinaregion” in the future, can grow up to 20.

As explained RBC a source familiar with the situation, the main complexity of the rebate system is that the filmmakers have to wait for tax refunds from the local budgets for quite a long time (up to six months). But in world practice there is experience with the use of a single financial operators — when, for example, the Bank immediately pays the funds, and then returns them from municipal budgets. The Fi earns that pays the filmmakers for slightly less than subsequently receives from the budget.

“The interest of VTB in our market we see, and we do not exclude that the Bank may indeed become a financial operator rebate system,” confirmed RBC Board member of the Association of producers of film and television (APKIT) and CEO of Cosmos Studio Alexander Akopov. It is the Association and the Agency for strategic initiatives were the authors of the program for the development of the rebates. According to their calculations, the participation of the regions in the system of rebates will help to attract foreign filmmakers and to increase the investment attractiveness, and money invested by local authorities in rebates back in the budget fivefold, calculated the authors of the project.

For example, in the U.S. state of Louisiana for a couple of years after the launch of the rebates the number of jobs in the industry increased three times, and the revenues from $7.5 million to $343,8 million Influx of tax revenues from activities related to the production of film and television production in new York from 2004 to 2008, amounted to $7 billion and showed an increase in the number of jobs 14.2%, was said in the presentation Computer.

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