The adopted law refers to the cache-rebate, the history of which in Ukraine has often changed since 2019. A cash rebate is a form of compensation for foreign film producers. It’s like a cash award for film producers in a country. In other words, this system looks like financial aid to a domestic and foreign producer to show any country's territory.
The act, adopted by the parliament and signed by the president of Ukraine on 17 December 2021, opens the possibility for foreign film studios to receive such payments.
"This document will make it possible to unlock certain rights of foreign cinematographers. In particular, the right to receive a state subsidy for the repayment of a part of the qualified expenses incurred in the production (creation) of a film in the territory of our state," is stated in the statement of the office of the president.
However, it is not enough for organizations to cross the country’s borders to receive repayment. Partial payment of production costs is possible only after all necessary documents have been submitted to the relevant authorities.
Such a step, the unblocking of rebates, will allow Ukraine to be developed in several directions at once. The activation of cash rebates will help to:
- Develop the tourism industry;
- Open up new opportunities for cooperation between Ukrainian and foreign actors and filmmakers;
- Create new jobs in the film industry;
- Attract foreign investment.
It should be noted that under a similar system of rebates, one film has already been made in the territory of Ukraine in 2021. Netflix’s streaming service is one of the foreign productions to visit Ukraine for filming.