Latest news with #InternationalScreenProductionRebate
Epoch Times
20-05-2025
- Business
- Epoch Times
NZ to Spend Another Half Billion Dollars to Lure Hollywood Back to ‘Wellywood'
The New Zealand government is to try to regain the country's status as a movie location of choice for big-budget Hollywood productions—something that saw Wellington widely referred to as 'Wellywood' in its heyday. To do so, available funding for the International Screen Production Rebate will increase to $250 million (US$147 million) for 2024/25, and to $210 million from 2025/26 onwards. Eligible productions will be entitled to a 20 percent rebate where production costs are more than $15 million for feature films, and $4 million for television productions. 'A further 5 percent rebate is available to productions spending more than $30 million, which meet additional criteria for industry and economic growth,' Finance Minister Nicola Willis said. The local screen industry keeps about 24,000 people in work and has generated about $3.5 billion in annual revenue, she said. Overseas film companies' local productions had brought nearly $7.5 billion to New Zealand in the past decade, which was supported by $1.5 billion in rebate payments. Related Stories 5/15/2025 5/8/2025 'The reality is we simply won't get the offshore investment in our highly successful screen sector without continuing this scheme,' Willis said. Aiming to Regain Hollywood Popularity The unique geography of the small South Pacific country, coupled with modern facilities such as high-speed broadband and state-of-the-art post-production facilities, have seen major movies filmed there including Peter Jackson's Lord of the Rings (LOTR) trilogy, Mission Impossible: Fallout, M3GAN, the Avatar series of films, and the 2005 version of King Kong. However, landscape and amenities aren't enough on their own, with other countries keen to attract big-budget epics not just for the money they bring to the local economy but also the tourism boost they provide. New Zealand tourist operators still profit from taking visitors to Lord of the Rings locations, including the town of Hobbiton, now a permanent fixture. It's been 22 years since Wellington came to a halt for the world premiere of the first of the LOTR movies. Although successive governments have maintained the subsidy, other countries have since started offering more. Cabinet therefore decided to increase support to better reflect 'current forecast demand,' according to Willis, who made the announcement at Jackson's Weta Workshop production facility in Wellington. Latest to enter an increasingly crowded market is Queensland, which plans to become 'a global leader in the screen industry by 2028' by offering government incentives (
Express Tribune
16-05-2025
- Business
- Express Tribune
New Zealand increases film incentives after Trump's 100% foreign movie tariff
he Hobbiton Movie Set, a location for The Lord of the Rings and The Hobbit film trilogy, is pictured in Matamata, New Zealand, December 27, 2020. Picture taken December 27, 2020. PHOTO:REUTERS Listen to article New Zealand will inject NZ$577 million (US$339 million) into its screen production rebate scheme over the next four years, responding to US President Donald Trump's new 100% tariff on films made outside the United States. The move aims to keep New Zealand competitive as a global filming destination and sustain foreign investment in its NZ$3.5 billion screen industry, which employs about 24,000 people. Finance Minister Nicola Willis announced the increase ahead of next week's federal Budget, emphasising the importance of maintaining international competitiveness. "While industry incentives are not generally our favoured approach, the reality is we simply won't get the offshore investment without continuing this scheme," Willis said in a statement. Under the International Screen Production Rebate, eligible feature films with production costs over NZ$15 million, and TV series over NZ$4 million, can receive a 20% cash rebate. Productions spending over NZ$30 million and meeting additional economic criteria can qualify for an extra 5% rebate. The funding increase will raise support to NZ$250 million in 2024/25 and NZ$210 million annually from 2025/26 onward. The changes follow a 2023 review that helped attract 10 major international productions, including A Minecraft Movie, currently the second-highest-grossing film of 2025, and Taika Waititi's Klara and the Sun. President Trump, announcing the film tariffs earlier this month, claimed that foreign incentives were "killing Hollywood" and causing its "very fast death". Willis noted that countries like Australia, Canada, and the UK offer more generous film incentives, and that New Zealand is now "playing catch-up" to remain competitive. New Zealand previously attracted blockbusters like The Lord of the Rings, and aims to solidify its status as a top global filming location with this funding boost.
Straits Times
16-05-2025
- Business
- Straits Times
New Zealand boosts movie production incentives after Trump's 100% tariff plan
New Zealand, where the 'Lord of the Rings' trilogy was shot, has become a popular filming location for Hollywood movies due to lower costs and government incentives. PHOTO: PRIME VIDEO SYDNEY - New Zealand will allocate more budget funds to give rebates to foreign studios for filming movies in the country - a move which follows US President Donald Trump's announcement of 100 per cent tariffs on films made outside the United States. New Zealand, where the 'Lord of the Rings' trilogy was shot, has become a popular filming location for Hollywood movies due to lower costs and government incentives. 'We are sending a clear message to the world: New Zealand is the best place in the world to make movies. Bring your productions here to take advantage of our talent and locations,' Finance Minister Nicola Willis said in a statement. When announcing the 100 per cent tariffs this month, Mr Trump said Hollywood was dying a 'very fast death' due to incentives offered by other countries. An additional NZ$577 million (S$440 million) will be injected into next week's federal budget to sustain New Zealand's International Screen Production Rebate scheme. That comes despite the government's proposed cuts to baseline spending as tax revenue shrinks. Under the rebate programme first introduced in 2014, eligible productions can access a cash rebate of 20 per cent for production costs of more than NZ$15 million for feature films, and NZ$4 million for television shows. 'While industry incentives are not generally our favoured approach, the reality is we simply won't get the offshore investment in our highly successful screen sector without continuing this scheme,' Ms Willis said. New Zealand's film sector employs about 24,000 people and generates NZ$3.5 billion annually, with around a third of revenue coming from the United States, its foreign ministry said in a March 2025 report. Australia, Canada and the United Kingdom provide more generous incentives than New Zealand, Ms Willis also said. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Yahoo
16-05-2025
- Business
- Yahoo
New Zealand boosts movie production incentives after Trump's 100% tariff plan
By Renju Jose SYDNEY (Reuters) -New Zealand will allocate more budget funds to give rebates to foreign studios for filming movies in the country - a move which follows U.S. President Donald Trump's announcement of 100% tariffs on films made outside the United States. New Zealand, where the "Lord of the Rings" trilogy was shot, has become a popular filming location for Hollywood movies due to lower costs and government incentives. "We are sending a clear message to the world: New Zealand is the best place in the world to make movies. Bring your productions here to take advantage of our talent and locations," Finance Minister Nicola Willis said in a statement. When announcing the 100% tariffs this month, Trump said Hollywood was dying a "very fast death" due to incentives offered by other countries. An additional NZ$577 million ($339 million) will be injected into next week's federal budget to sustain New Zealand's International Screen Production Rebate scheme. That comes despite the government's proposed cuts to baseline spending as tax revenue shrinks. Under the rebate programme first introduced in 2014, eligible productions can access a cash rebate of 20% for production costs of more than NZ$15 million for feature films, and NZ$4 million for television shows. "While industry incentives are not generally our favoured approach, the reality is we simply won't get the offshore investment in our highly successful screen sector without continuing this scheme," Willis said. New Zealand's film sector employs about 24,000 people and generates NZ$3.5 billion annually, with around a third of revenue coming from the United States, its foreign ministry said in a March 2025 report. Australia, Canada and the United Kingdom provide more generous incentives than New Zealand, Willis also said. ($1 = 1.7030 New Zealand dollars) Sign in to access your portfolio
Hindustan Times
16-05-2025
- Business
- Hindustan Times
New Zealand boosts movie production incentives after Trump's 100% tariff plan
SYDNEY, - New Zealand will allocate more budget funds to give rebates to foreign studios for filming movies in the country - a move which follows U.S. President Donald Trump's announcement of 100% tariffs on films made outside the United States. New Zealand, where the "Lord of the Rings" trilogy was shot, has become a popular filming location for Hollywood movies due to lower costs and government incentives. "We are sending a clear message to the world: New Zealand is the best place in the world to make movies. Bring your productions here to take advantage of our talent and locations," Finance Minister Nicola Willis said in a statement. When announcing the 100% tariffs this month, Trump said Hollywood was dying a "very fast death" due to incentives offered by other countries. An additional NZ$577 million will be injected into next week's federal budget to sustain New Zealand's International Screen Production Rebate scheme. That comes despite the government's proposed cuts to baseline spending as tax revenue shrinks. Under the rebate programme first introduced in 2014, eligible productions can access a cash rebate of 20% for production costs of more than NZ$15 million for feature films, and NZ$4 million for television shows. "While industry incentives are not generally our favoured approach, the reality is we simply won't get the offshore investment in our highly successful screen sector without continuing this scheme," Willis said. New Zealand's film sector employs about 24,000 people and generates NZ$3.5 billion annually, with around a third of revenue coming from the United States, its foreign ministry said in a March 2025 report. Australia, Canada and the United Kingdom provide more generous incentives than New Zealand, Willis also said.
