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INDUSTRY Ireland

Irish tax incentive extended till 2015

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Irish Minister for Tourism, Culture and Sport Mary Hanafin has extended the Irish tax incentive for film and television, Section 481, until December 2015.

Section 481 was amended in 2008, so that Ireland could offer 26-28% net benefit to film producers on film and television productions, up from the previous 20%. The amendments increased the overall ceiling on qualifying expenditure from €35m to €50m per individual project. The individual investor cap was increased to €50,000 per annum and the relief on that investment was increased to 100% from 80%.

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Hanafin said, “The changes introduced in 2008 were significant and gave the Irish audiovisual sector a major boost in challenging times. In 2010, a total of 57 projects were approved for funding with an Irish spend of some €165m. These 57 projects supported employment for crew, cast and extras of over 10,000 individuals and had the effect of maintaining and creating jobs in a very difficult economic climate, while at the same time producing a product that will help to sell Ireland abroad.”

Irish Film Board Chairman James Morris welcomed the extension, saying, “At a time when there has been much international uncertainty about Ireland's economic climate, this guarantee will reassure our international production partners that Ireland remains firmly open for business. We already have a significant number of film and television projects in the pipeline and this news will help to secure these productions for Ireland.”

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