The project regarding the Film Law Regulations, as is known, is on its way to becoming a reality, via which, one of the most expensive wishes of local and foreign investors, will become a reality, as well as producers, and everyone related to the rising film industry.
According to official sources whom requested to remain anonymous, the regulations were seen by the President, were reviewed, and sent to the Legal Branch of the Executive Power, where the last legal details are being added, for the issuance of the Presidential decree that will conclude the process of the General Film Law.
According to what Diario Libre was able to inquire during the recently celebrated Cannes Film Festival, the biggest haste of the investors lies precisely with the approval of these regulations.
Jasbinder Singh Mann, CEO of Indomina, assured the managers of the Funglode Film Festival, during a meeting which took place in the 5th floor of one the main corporate towers in Cannes, that “currently they are expecting at least three film productions of important caliber, to be filmed in the country, due to lacking these regulations”.
Work in the content writing of this legal tool has been somewhat delayed due to the multiple details that involves a regulation of such magnitude.
According to sources, the Regulations establish that fiscal credits and concessions (tax exemptions in determined areas), cover around 22% of the issued investment.
The facilities offered by the Dominican Republic for this labour, are greater than in other venues where the percentages are also attractive, due to the purchasing power of the local entrepreneurial sector not being as vast as is in the Dominican Republic.
Indomina is a company in the Real State and Tourism portfolio of assets managed by VICINI.
The VICINI family has invested in different economic sectors in the Dominican Republic for over 140 years. VICINI is one of the companies that has contributed significantly to the development and industrialization of the country.
Source: Diario Libre