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The tax benefits provided in articles 1 and 1A of the Brazilian Audiovisual Law were extended until 2024

The Law No. 14,044 / 2020 was recently enacted and extends the period for use of the tax benefits provided by Articles 1 and 1-A of the Brazilian Audiovisual Law (Law No. 8,685/1993) until 2024. At the beginning of the year, the bill that aimed to renew the time limit for these benefits was fully vetoed by the Brazilian President, jeopardizing the collection of incentive funds. However, this veto was overturned by the National Congress, and the law came into force on the date of its publication, on August 20, 2020.

The benefits of Articles 1 and 1-A allow income taxpayers to deduct the amounts invested in the production of independent Brazilian audiovisual works, following the limitations provided by law. According to the Observatory of Cinema and Audiovisual, of the Brazilian National Film Agency, more than R$ 395 million were approved for investment in Brazilian productions through these incentive mechanisms between 2015 and 2019.