The European Commission approved tax benefits for the Belgian gaming industry
The European Commission has supported the proposal of the Belgian government to create a tax haven in the country for companies that invest money in game studios.
The benefit will be earned within the framework of the Belgian Tax Shelter program. It will allow Belgian companies to pay less taxes if they compensate developers for part of the cost of creating games. The discount amount will depend on the amount of investment.
Under the terms of the program, studios will be able to apply for funding in the amount of 33.7% of gross or 27.2% of net costs for the production of games incurred in the EU countries, as well as Norway, Liechtenstein and Iceland. Important: at least half of the studio staff must work or pay taxes in Belgium.
The Belgian Tax Shelter program has been operating in Belgium since 2003. Previously, it extended to cinema, music and some other industries related to the arts. Plans to expand it to the gaming industry became known in May last year.
