COCREA
It is the entity designated by the Ministry of Culture, to carry out the necessary call, for the implementation of the tax incentive, contemplated in article 180 of the National Development Plan.
The international film festival WE CAM FEST has been endorsed by COCREA as a project that can receive resources from contributors for its realization, this being an opportunity for natural or legal persons, private or public, to contribute to the creative and cultural development of the festival, to exchange for a deduction in income tax, corresponding to 165% of the real value invested or donated to WE CAM FEST.
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FILM LAW
The implementation of Law 814 of 2003, or the Film Law, is a stimulus to facilitate the production of films in Colombia.
With this law, the government created investment incentives and generated mechanisms whose main purpose is comprehensive development of the cinematographic sector and the promotion of the entire production chain.
“Article 16. (Modified by article 195 of Law 1607 of 2012, the text of which is transcribed). Tax benefits for the donation or investment in film production. Income taxpayers who make investments or make donations to film projects of Colombian production or co-production of feature or short films approved by the Ministry of Culture through the Directorate of Cinematography, will have the right to deduct from their income for the taxable period in which the investment or donation is made and regardless of its income-producing activity, one hundred sixty-five percent (165%) of the real value invested or donated.
In order to have access to the deduction provided for in this article, investment or donation certifications called, as the case may be, Film Investment Certificates or Film Donation Certificates must be issued by the Ministry of Culture through the Directorate of Cinematography. Investments or donations acceptable for the purposes of the provisions of this article must be made exclusively in money. The National Government will regulate the conditions, terms and requirements to enjoy this benefit, which in no case will be granted to advertising films or soap operas, as well as the characteristics of investment certificates or film donations issued by the Ministry of Culture through the Director of Cinematography.”
Special Tax Regime
After the modifications introduced by article 105 of Law 1819 of 2016 to article 257 of the ET, donations made by income taxpayers to non-profit entities qualified in the special tax regime should no longer be treated as deductible in the income tax, but rather give the right to a tax discount equivalent to 25% of the value donated in the year or taxable period in which they are made. In accordance with article 125-1 of the ET, for the discount to proceed.
Fundación Cine Social meets the conditions established in article 125-1 of the ET, namely:
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It is legally constituted and subject to inspection, control and surveillance by the Secretary of Culture, Recreation and Sport of Bogotá.
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It has been qualified by the DIAN in the special tax regime.
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You have complied with the obligation to file the income tax return for the immediately preceding year.
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He manages a bank account in a Colombian financial institution.
