-The CINA incentive has a $280,000 million pesos quota in 2022 to support audiovisual production in Colombia.
-Since its creation, 42 projects have been approved to receive the incentive, with a projected investment in the country of more than 1 billion pesos.
As of February 24, the Transferable Tax Credit - CINA may be traded on the Colombian Stock Exchange, which will allow the country to continue attracting investment from international audiovisual production companies and increasing the trust of local service companies. Production companies such as Netflix, Amazon, Disney, MTV Networks, Apple TV and Telemundo have received the benefit.
The Transferable Tax Credit - CINA, granted by the National Government and managed by Proimágenes Colombia, are a negotiable value equivalent to 35% of the expenditure on audiovisual services made by a foreign production company in the country. Non-national audiovisual works of any genre or format, produced or post-produced in whole or in part in Colombia, can apply for this benefit and trade it in the stock market or transfer it to natural or legal persons who declare income tax in Colombia.
Since its implementation, Colombia has achieved a historical investment of almost one billion pesos in international audiovisual productions, which has created a significant amount of jobs and the opportunity to train local talent. It has also strengthened the national industry and has turned the country into an audiovisual production hub in Latin America. The incentive has benefited 42 projects to date, with a projected investment in the country of more than 1 billion pesos. It should be noted that the approved quota for 2022 is 280 billion pesos and has an available balance of $249,139,597,897.
The possibility for investors in audiovisual projects to negotiate and register CINAs on the Colombian Stock Exchange is a historic event in the country's cultural sector which allows the automatic registration of the CINA in the National Registry of Securities and Issuers.
About Proimágenes Colombia: It manages the Film Development Fund – FDC, which provides cash resources to national productions and co-productions and represents Colombian cinema internationally. It also promotes the Colombian Film Commission and administers the incentives of the Colombian Film Fund (FFC) and the Transferable tax credits - CINA.
About the Colombian Film Commission: It is a project of Proimágenes Colombia whose purpose is to promote Colombia as a destination for audiovisual production through a directory of locations, as well as companies and professionals in the audiovisual sector, and information about the incentives offered to the film industry.