Yanukovych has signed a law amending the law of Ukraine on cinematography and other laws to provide state support for the national film industry. Ukrainian President Viktor Yanukovych has signed a law amending the law of Ukraine on cinematography and other laws to provide state support for the national film industry.

The law signed on Tuesday is aimed at supporting domestic cinematography, the official presidential Web site reported. The law stipulates that film companies are exempt from land rent until January 1, 2016, as well as from VAT payments.

According to the law, film companies are allowed to include the sum of expenses used for film production insurance in the prime cost of film production, and receive financial guarantees on film production totaling 10% of the estimated cost of a film.

The law also foresees exemption from VAT of "services used for the screening of nationals films and foreign films dubbed into the state language" until January 1, 2016.

The financing of the film industry is stipulated in a separate article of the state and local budgets.