Tax boost for Irish film and TV industry
The Irish government has provided a boost to the country’s film and TV industry within today’s budget announcements (16 October).
The improvement is in the shape of an extension to the existing S.481 (Section 481) tax incentive scheme to open it up to non-EU talent working in Ireland. In an extra augmentation, the government has also pledged to bring forward the previously-promised increase in value to take effect from 2015.
The news is bound to enhance Ireland’s profile on the world stage as an attractive place for foreign producers to choose the country for filming, encouraging more investment and providing more jobs in the industry.
Minister for the Arts, Heritage and the Gaeltacht Jimmy Deenihan TD said: “I welcome the announcement by Minister Noonan that he intends to bring forward the new regime for film tax reliefs to 2015, and also extend the definition of ‘eligible individual’ in the scheme for film relief to include non-EU talent. This will increase the attractiveness of Ireland as a destination for film investment.”
Chief executive of the Irish Film Board James Hickey also applauded the news, commenting: “The 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, television and animation sector and Ireland's creative industries. Earlier in 2013 the Irish government extended the Section 481 scheme to 2020 and increased its value to 32% as of 2016. This improvement and the change just announced in the 2014 budget has now been brought forward to 2015.”