Programmers deposit R$5.3 million in co-production fund

Pay-TV programmers have deposited some 5.3 million Brazilian Reals (now about 1.65m US Dollars) in special bank accounts earmarked for investment in co-production projects approved by Ancine, the national film agency. Deposits began in June 2002 and were expected to have totaled some 10m USD by now. Ancine?s rules oblige international programmers to set aside 3% of remittances from Brazil to their parent companies abroad for this purpose. Alternatively they must pay the 11% Condecine tax. Ancine only oversees the special accounts, which are administered by the programmers themselves.
The amounts deposited fell short of expected levels because of the crisis in the Brazilian pay-TV market and teething problems since the rules came into force a year ago. They should pick up strongly in 2003.

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