ROME — Italy has introduced long-awaited tax breaks to support emerging local recording artists, a move being cheered by Europe's indie music labels as a watershed in giving new talent a boost.
The 10% deductible tax credit covering production and development of first or second works by emerging artists follows a similar government initiative recently passed in France.
The tax breaks, contained in Italy's 2007 national budget, are limited to labels with a turnover not exceeding E15 million ($19.5 million.
Europe's indie music publishers' org Impala, which has more than 3,500 members, has hailed France and now Italy's introduction of this policy.
"Other territories should follow suit to promote the diversity of European music," said Impala chairman Martin Mills, prexy of the U.K.'s Beggars Group, Blighty's largest indie record label.
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