Salma Hayek Joins The President Of Mexico For The Launch Of The 30% Cinema Incentive
Salma Hayek Pinault joined Mexican President Claudia Sheinbaum on stage in Mexico City on Sunday to lend her weight to launch a new film support program in her native Mexico that includes 30% of income tax.
The Oscar-nominated actress, producer and director paid tribute to Mexican cinema and accepted a new package of support and incentives.
“I owe it to the Mexican film community. It was a great honor to stand alongside this same community today and announce this amazing new project,” said the star.
Before building his Hollywood career, he was born in Coatzacoalcos Forever The actress began in Mexican telenovelas, before breaking out internationally in Robert Rodriguez’s Mexico-set and shot neo-westerns. Desperowhose most iconic images since include her Oscar-nominated performance as Mexican painter Frida Kalho in the Frida.
The basis of the new program – which also includes training, production, exhibition and preservation – is a new incentive for Income Tax (ISR) of 30% for projects carried out in the territory of Mexico.
In coordination with the Ministry of Finance and Public Credit (Secretaría de Hacienda y Crédito Público, SHCP), this initiative aims to strengthen film and audio production in the country and officially begins today.
The Minister of Culture, Claudia Curiel de Icaza, explained that the incentive is up to 30 percent of the income tax corresponding to the cost of the project received locally.
There is a maximum of 40 million pesos ($2.3M) per project or process. A key requirement is that projects must include at least 70 percent domestic suppliers.
Curiel de Icaza said the goal was to attract high-value international products while ensuring that national products stay in Mexico, thus strengthening the country’s creative economy, cultural independence, and the diversity of issues produced in Mexico.
He explained that incentives will be available to Mexican people and legal entities; foreign nationals and organizations with a permanent establishment in the country; and foreign nationals and organizations that do not have a permanent establishment in Mexico, who conduct production through a Mexican residence or legal entity.
Eligible projects include fictional or animated feature films and series episodes with a minimum guaranteed cost of 40 million pesos ($2.3M); films and series with low budgets of 20 million pesos ($1.1M); and direct animation, visual effects, or post-production processes with a minimum cost of 5 million pesos ($291k) per process.
“Mexico has a long and unique cinematic history and a truly world-class film industry, home to some of the most talented and creative artists I’ve ever had the privilege of working with,” said Hayek Pinault.
“I’m glad that this incentive will help shed more light on all of this and continue to strengthen and grow this extraordinary film community. Thank you, President Sheinbaum, for having me and allowing me to be a part of this historic moment. Viva México.”
