The tax shelter being extended to performing arts has made the Frensh speaking community almost 9 million euro richer, in just a year. This is according to Alda Greoli (cdH), the Culture Minister for the Brussels-Wallonia Federation (FWB). The tax shelter has mainly been used by operators, who are already subsidised by the FWB (86% of operators, 73% of the total amount allocated). The Minister also said more efforts would be made to inform other operators.
The tax shelter law lets a production company fundraise through private companies who want to invest by allowing them to benefit from tax deductions. This system was extended to performing arts in February 2017.
The Minister explained that to benefit from the tax shelter, the production has to be an original stage production (theatre, circus, street theatre, opera, classical or contemporary music, dance, cabaret including musical comedy and ballet and total performance).
In total, 141 requests were submitted: 128 were accepted (111 were subsidised by the FWB), two were cancelled by the operators and 11 were rejected.
The theatre and classical music sectors are the ones that use the tax shelter the most, representing 56% and 23% of the requests respectively (50% and 16% of the funds raised). They are followed by total performance (7.81% of the agreements), cabaret (6.25%), dance (4.69%) and circus (2.34%).
“With an additional nine million euro, the sector has been granted a financial supplement, which amounts to nearly 10% of the allocated public budget. This is a great help that will greatly amplify the means assigned for creation”, says Alda Greoli. The Minister will evaluate the tax shelter with colleagues from other communities and the Federal authorities during the next interministerial Culture conference in mid-April.
She has already said that communication about the tax shelter has to be increased, so it can be on par with the audiovisual sector.