President Lee Jae-myung considers introducing French-style film tax incentives
Review of introducing the SOFICA system, promotion of tax incentives for investment in independent films and new directors Take a look at the direction for expanding support for arts and culture and improving the investment structure
President Lee Jaemyung, who is visiting France, said at a meeting with local filmmakers that he would consider introducing a Frenchstyle system that offers tax incentives for investments in independent films and rookie directors.
The proposal came after Director Lee Changdong suggested adopting SOFICA, France's film support program, saying that Korea's film investment structure is overly concentrated on bigbudget commercial films. SOFICA is a system that grants a certain tax reduction when private investors put money into rookie directors or independent films.
After taking note of the proposal on the spot, the president said he would instruct the relevant ministries to review it immediately upon returning home. He also emphasized the need for policies that support creative activities, saying that the cultural and arts sector has higher efficiency in fiscal investment than other industries.