First modification:
The Netherlands joins the list of European nations that require streaming platforms to provide a percentage of annual profits to invest in local audiovisual productions. Meanwhile, in Latin America, organizations carry out exploratory studies as inputs to draft similar regulations.
At the end of October, the Senate of the Netherlands approved by majority a regulation that requires platforms of streaming five percent of its annual profits, to invest in local audiovisual productions such as series, films and documentaries. The regulations leave out sports productions.
The new law, which will begin to apply from January 2024, was promoted by the Secretary of State for Culture and Media and covers those companies streaming in video that exceed ten million euros of annual profits registered in the Netherlands.
Netflix, Disney+ and Amazon Prime are the three platforms that collect higher figures annually, so they must comply with the regulations. From the Government, they assure that they hope to raise about 40 million euros annually and will allocate 60% to local and independent productions.
The Netherlands joins the list of European nations that have similar regulations. France, Spain, Belgium and Germany also charge a tax on these entertainment giants
In France, since 2021, platforms must allocate between 20% and 25% of their annual profits on French or European productions. Meanwhile, in Germany, companies allocate 2.5% of their annual income, due to regulations that have been in force since 2014.
With this type of regulations, governments also seek to ensure that a percentage of the platforms’ programming presents national content.
In Latin America, projects of this nature are slowly appearing. In Argentina, from the Digital Media Network, together with the University of Buenos Aires (UBA), they carried out exploratory work in the country and in the region, with the aim of developing an input that allows supporting future projects.
With EFE and local media.
#Economy #Netherlands #apply #tax #streaming #platforms #local #investment