As the federal government approved a new measure that will start at the end of this year, Belgium's game industry will soon benefit from tax relief The government will introduce tax shelters for video games, which will provide financial returns for investors to make it easier for game studios to raise funds for their games.
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Other industries, such as film, have benefited from tax cuts, but this is the first time they have been applied to the game industry.
This will take effect no later than 1 January 2023.
Games that want to enjoy tax cuts need to pass cultural tests to ensure quality and meet certain conditions, such as requiring at least half of the development teams to be employed or pay taxes in Belgium.
For many years, the local trade association belgiangames and its partners have been working hard for game tax reduction.
"We are glad to finally have a specific policy launch date," said David Verbruggen, CEO of the trade agency, in a statement. "We still need formal approval from the Federal Parliament and the European Commission, but the final launch status has given us the opportunity to prepare our company for the tax incentives for video game investors."
Belgiangames added that it hoped that tax asylum would create more jobs in the game business and open up possibilities for cooperation with the audio-visual industry.