Irish Film Board welcomes changes to the Irish tax incentive for film and TV ensuring future growth for the sector

Neverland Green Screen Studio_Tom DowlingGood news for the industry overall section 481 extended to 2012 providing a sense of security to everyone in the industry that continuity will be maintained. The Programme Expenditure for Arts, Culture and Film was €15.690m in 2012, reduced down to €14.302m, a cut of 9% . The Minister has indicated that there will be restructuring of the tax credits in 2016 which hopefully will see better use of investment, growth in employment and increased production activity.

To view the full report generated by the Department of Finance’s Economic Impact Assessment of Section 481Film Relief December 2012. Some interesting comments particularly in chapter 8.

Irish Film Board statement following the announcement to extend section 481.

In a move which demonstrates Government commitment to the future of the Irish film and television industry, the Irish Minister for Finance Mr. Michael Noonan has announced the extension of the Irish incentive for the film television and animation industry until 2020.

In light of the findings from an Economic Impact Assessment of the current Film Tax Relief Scheme, Section 481 the Minister has indicated that the incentive will include further enhancements from 2016 and will be restructured to take the shape of a tax credit.  These measures are designed to create further employment and increased production activity in the film, TV and animation industry.

Commenting on the news James Morris, Chairman, Bord Scannán na hÉireann/ the Irish Film Board said

“The extension and future enhancement of the Irish tax incentive for the film and television industry demonstrates the commitment of the Irish government to the future of the Irish film and television sector and Ireland’s creative industries. These changes will strengthen the sector as an important contributor to the Irish economy, and will help Bord Scannán na hÉireann / the Irish Film Board to attract major film and television production activity to Ireland.”

“Despite the economic difficulties Ireland has experienced over the past few years the Irish film, television and animation industry has experienced high levels of production activity, contributing over €150 million, in terms of Irish spend on jobs and services, to the Irish economy in 2011.

“We look forward to working with the Department of Finance and the Department of Arts, Heritage and the Gaeltacht to ensure that these new measures enhance Ireland’s competitive international position for film, television and animation production.”

As statement appeared on The Irish Film Boards website

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