IRISH GOVERNMENT INTRODUCES SIGNIFICANT IMPROVEMENTS TO FILM TAX INCENTIVE
Bord Scannán na hÉireann / the Irish Film Board warmly welcomes new improvements to Section 481, the Irish tax incentive for Film, announced in the Finance Bill by Minister for Finance Brian Cowan, earlier today.The Irish government has introduced new measures to strengthen the tax incentive for film and television productions, improving Ireland’s competitive position as a location for International film production.
The new improvements mean that the percentage of expenditure that is eligible for tax relief will be raised to 80% for all films, up from the existing levels of 55% or 66% (depending on the film budget) and the ceiling on qualifying expenditure for any one film will be increased from €15 million to €35 million.
“These significant improvements to Section 481 further demonstrate the Irish government’s on-going commitment to the growth of the Irish film industry and in particular Minister John O’Donoghue’s continued support. This good news follows the recent increase allocated to the capital budget for the Irish Film Board, which has been increased by 21% for 2006” said James Morris, Chairman of Bord Scannán na hÉireann/the Irish Film Board.
“This is a very significant move by the government which will give Irish filmmakers renewed confidence in their own talents and their ability to compete internationally” said Simon Perry, CEO, Bord Scannán na hÉireann/the Irish Film Board.