Irish Tax Incentive for Film & TV Retained until 2012
The Irish Commission on Taxation Report which was recently published by the Department of Finance has ensured the continuation of Section 481, the Irish tax incentive for film and television, until the end of 2012.
New improvements to the incentive which were introduced earlier this year have increased the net benefit that producers can derive from a project to 28% of their eligible Irish expenditure. The ceiling on qualifying expenditure for any one film is also increased from €35 million to €50 million. Qualifying expenditure includes all EU personnel and purchases of goods and services in the State.
The main benefits of Section 481 are:
- Worth up to 28% of Irish budget
- Is available to the production on first day of Principal Photography
- Does not require bank discounting
- Is available to both Film and Television productions
- Value is determined at the outset
- The incentive remains in place until 2012